SHENZHEN, Dec. 26 (Xinhua) — The southern Chinese metropolis of Shenzhen has not too long ago hosted a collection of exhibitions, attracting quite a few abroad executives desperate to discover alternatives and broaden investments in China’s huge market.
The 2024 Shenzhen Global Investment Promotion Conference, held in early December, drew representatives from over 700 firms and establishments throughout 33 international locations and areas, together with greater than 200 Fortune Global 500 firms.
Over 400 initiatives have been signed on the convention, with a complete funding exceeding 900 billion yuan (about 125.18 billion U.S. {dollars}). Featuring firms like Rockwell Automation, Knorr-Bremse and Dassault Systemes, these initiatives span key sectors similar to low-altitude economic system, clever linked automobiles and biomedicine.
The success of the convention highlighted Shenzhen’s efforts to draw international funding and companies. In 2024, 15 international heads of state and authorities leaders visited Shenzhen, almost double the quantity from the earlier 12 months.
Exhibitions have turn out to be a key channel and driving power for China’s market opening, boosting international confidence and invigorating the world economic system.
The seventh China International Import Expo (CIIE) held in Shanghai in November attracted almost 3,500 exhibitors and 800 procurement teams, recording 80.01 billion U.S. {dollars} in supposed transactions, up 2 p.c from the earlier 12 months.
In the identical month, the second China International Supply Chain Expo (CISCE) held in Beijing noticed the participation of greater than 600 firms, up roughly 20 p.c from the primary version of CISCE in 2023. The share of abroad exhibitors rose from 26 p.c to 32 p.c of the full, with members from almost 70 international locations and areas. U.S. firms took the lead in participation, whereas involvement from Europe and Japan additionally noticed notable progress.
Similarly, the China International Travel Mart 2024 held in Shanghai welcomed over 1,000 worldwide exhibitors and 600 abroad journey brokers from greater than 80 international locations, internet hosting over 600 enterprise matchmaking periods.
Analysts have highlighted China’s essential function within the international provide chain. Shenzhen, as an illustration, has developed a complete automotive provide chain, overlaying automobiles, batteries, motors, autonomous driving and good cabins.
“I am so proud that Apple has an exhibit here with our partners. We could not do what we do without them,” mentioned Apple CEO Tim Cook whereas visiting Apple’s sales space on the CISCE.
Pharmaceutical giants like Eli Lilly, Pfizer and Bayer have additionally established new R&D and innovation facilities in Beijing, marking key milestones of their enterprise enlargement in China.
This 12 months, China has actively constructed platforms for worldwide trade and cooperation, demonstrating its dedication to openness by insurance policies designed to streamline these efforts. Notable initiatives embrace using facial recognition for quicker customs clearance, relaxed restrictions on international investments, enhanced cross-border fee methods, and prolonged visa-free stays for eligible international vacationers.
“China’s vast market remains essential for global businesses and will continue to strengthen its attractiveness to international investors,” mentioned Cao Zhongxiong, director of the Department of Digital Strategy and Economics at China Development Institute.