People attend the opening ceremony of the 6th Western China International Investment and Trade Expo in southwest China’s Chongqing city on May 23, 2024. (Xinhua/Wang Quanchao)
CHONGQING, May 23 (Xinhua) — The sixth Western China International Investment and Trade Expo opened on Thursday, seeing a record 196 major projects signed, with projects from 12 countries and regions set to set up in China’s western region.
The four-day event in southwest China’s Chongqing municipality is the first of its kind to be held following a symposium on promoting the development of China’s western regions in a new era held on April 23. It demonstrates China’s strong determination to open up and expand cooperation.
The fair will attract more than 1,700 enterprises from 40 countries and regions, as well as 27 provincial-level regions in China, including Walmart Inc. and Continental AG. Participants also include leaders and experts from international and domestic industry associations.
Western China accounts for about two-thirds of the country’s land area and enjoys great advantages in terms of production factor costs and development potential. In 2023, western China’s total import and export volume will reach 3.7 trillion yuan (about US$511 billion), up 37 percent over 2019.
The 12 foreign-invested projects, with a total contract value of more than 26.7 billion yuan, span various fields such as intelligent connected new energy vehicles, smart equipment and intelligent manufacturing, and modern finance, with countries and regions such as Russia, Spain, and Japan actively involved.
For example, Japanese company AFC-HD AMS Life Sciences Co., Ltd. plans to invest in building a production and manufacturing base covering approximately 12.67 hectares in Bishan District, Chongqing. The facility will include raw material processing lines, production lines for health foods, food, cosmetics and pharmaceuticals, promoting the development of Bishan’s life sciences industry.
Alexander Turchin, chairman of the Minsk Oblast Executive Committee of Belarus, said the opening-up will lead to mutual benefits. He said he hopes to further expand cooperation between the two countries in the fields of trade, investment, industry, energy, culture and tourism, and encouraged Chinese companies to invest and do business in Minsk.
“China remains firm in following the historical trend of economic globalization, expanding opening up, sharing the development opportunities brought by economic growth, and injecting lasting momentum into the complex and challenging global economy,” said Zhai Kun, professor at the School of International Studies at Peking University.
People visit the 6th Western China International Investment and Trade Expo at the Chongqing International Expo Center in southwest China’s Chongqing city on May 23, 2024. (Xinhua/Wang Quanchao)
The projects concluded at the fair highlight the strategic emerging industries such as new energy, new materials and next-generation electronic information accelerating their presence in the region, while also highlighting the characteristics of new high-quality production forces. These projects cover a variety of new fields, such as portable energy storage batteries, new alloy materials and new nanomaterials.
Among the companies that signed the agreement is HeyGears, a Guangzhou-based unicorn company focusing on 3D printing applications and digital intelligent manufacturing technology. The company plans to set up a 3D printing equipment and product manufacturing center in Chongqing, and jointly establish a key laboratory for artificial intelligence and big data.
This year’s fair also focuses on bridging infrastructure gaps and promoting the smooth and efficient flow of production factors in the western China region, with projects spanning energy, transportation and technology being signed.
(Web editors: Zhang Kaiwei and Liang Jun)
