Upgrade set to boost investment

( China Daily )

Updated: 2015-09-09

Su Shulin (second from left), governor of Fujian province, cuts the ribbon for the opening of the Bahrain pavilion with Bahraini officials at the 2015 China International Fair for Investment and Trade which opened in Xiamen on Tuesday. The governor said Fujian would create a more healthy business environment for global investment. Zhu Xingxin / China Daily

Fujian governor: High-tech boost for industry is good news for coastal province

China's move to upgrade the manufacturing sector and issue a series of policies to boost industries will provide huge potential for international investment, according to government officials and business leaders at a key investment and trade fair.

"China's efforts in upgrading manufacturing, featured by the introduction of the Internet solution and smart equipment, will create huge demand for international investment," said Su Shulin, governor of Fujian province.

In a keynote speech at the opening of the China International Fair for Investment and Trade, which opened in Fujian's coastal city of Xiamen, Su said the province would create a more healthy business environment for global investment.

"We are building a pilot free trade zone in Fujian and we are actively taking part in the development of the 21st Century Maritime Silk Road. Both incentives are of great potential for global investment," said Su.

Fujian, along with Guangdong province and Tianjin, were approved by the central government earlier this year to build pilot free trade zones, with a series of preferential policies related to foreign investment.

As one of the major starting points of the 21st Century Maritime Silk Road, which was proposed by President Xi Jinping to build closer ties between China and countries and regions along the ancient trade route, Fujian also plays a vital role in revitalizing trade with the parties involved, according to Su.

"We are also facilitating infrastructure, which will create great investment potential," he said.

Su said the annual investment and trade fair has helped introduce foreign investment into Fujian and foster closer trade ties with overseas countries and regions.

Featuring China's Internet Plus and Made in China 2025 plans and the development of pilot free trade zones, this year's fair has invited more than 630 investment promotion organizations and business associations from more than 100 countries and regions to discuss potential investment and trade opportunities, according to the organizers.

To help transform China from a world factory into a world manufacturing power, the State Council unveiled the "Made in China 2025" plan in May, laying out strategies for switching from low-end processing to more value-added production.

Under the plan, domestic manufacturers are encouraged to make technological breakthroughs in a number of emerging industries from numerical control tools and robotics to aerospace equipment and new energy vehicles.

Dong Mingzhu, president of Gree Electric Appliances Co, one of the leading home appliance providers, said Chinese manufacturers should not rely on labor-intensive manufacturing to sustain growth.

"Domestic manufacturers should introduce advanced technologies and adopt an innovative approach to maintain business growth," said Dong.

At an international investment forum, which was held alongside the opening of the annual investment and trade fair, Dong said the development of core technologies had helped ensure the company diversified its products amid a downsized global demand.

"As a home appliance manufacturer, Gree is taking an active approach in investing in technology research," Dong said.

Li Yong, director-general of the United Nations Industrial Development Organization, said foreign investment would help revitalize local industries amid the current global economic downturn.

"Foreign investment should target emerging industries to help local economies better transfer from low-end manufacturing to value-added industries," Li said.

China's initiatives to build the 21st Century Maritime Silk Road and the Silk Road Economic Belt, along with nationwide development of industrial zones, would create demand for global investment in emerging industries, according to Li.

"Many of the investment and trade opportunities are from China's recent moves to develop its industries, such as supporting cross-border e-commerce, the establishment of pilot free trade zones and the Belt and Road Initiative," said Li.

qiuquanlin@chinadaily.com.cn

(China Daily 09/09/2015 page16)