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E-mail China.org.cn, April 8, 2024
Le Label Diplomatique:
Guangdong is a major province with foreign investments and trade. It plays an important role in China's opening up process. My question is: As a pioneer province, what measure will Guangdong take to further deepen international cooperation, including with Africa, to attract foreign investments and promote foreign trade development?
Wang Weizhong:
Thank you for your question. I will answer this question. As is widely known, Guangdong is a powerhouse in foreign trade, boasting a foreign trade-to-GDP ratio of 64%. Notably, Dongguan's ratio stands at 124% and Shenzhen's at 113%. Foreign trade and investment are pivotal in the Guangdong's development. Since the launch of reform and opening-up in 1978, Guangdong has spearheaded the processing trades including accepting customers' materials for processing, assembling parts supplied by clients, processing with supplied samples, and compensation trade. The province has also actively attracted foreign capital, advanced technology and management experience. This proactive approach has swiftly integrated the province into the international division of labor. In just over 40 years, Guangdong has evolved from a comparatively agrarian province to one of China's most economically vibrant and open regions. Last year alone, its foreign trade volume reached 8.3 trillion yuan with accumulated foreign investment exceeding $578 billion, accounting for one-fifth of the nation's total. Remarkably, foreign investment utilization has remained stable at over $20 billion for nine consecutive years, with more than 350 Fortune Global 500 companies having a presence across Guangdong.
In recent years, facing a complicated and challenging international environment, we have resolutely implemented the decisions and arrangements of the CPC Central Committee, vigorously promoted foreign investment and trade and issued a series of policies to stabilize foreign trade and investment. As a result, the scale and proportion of imports and exports, and the actual utilization of foreign investment, have remained stable. Particularly, despite various pressures last year, our imports and exports reached 8.3 trillion yuan, growing against the odds by 0.3%. Among the growth, cross-border e-commerce imports and exports reached 843.3 billion yuan, a growth of 25.2%, accounting for roughly 40% of the national total. Leveraging Guangdong's comprehensive industrial support, sound business environment and vast market potential, we have attracted investments exceeding $10 billion from companies like BASF, ExxonMobil and CNOOC Shell. CNOOC Shell's Phase III project commenced construction last year, while ExxonMobil's Phase I is set to commence production by the end of this year, and BASF's integrated project is scheduled for completion next year. Many foreign-funded enterprises have established research and development centers in Guangdong. We have held the Guangdong-Hong Kong-Macao Greater Bay Area Global Investment Promotion Conference for two consecutive years and conducted investment attraction events overseas. Last year, we held the Guangdong-Hong Kong-Macao Greater Bay Area and Europe Economic and Trade Cooperation Conference in Germany, achieving significant results. Over the past two years, we have signed a cumulative total of 1,700 projects during two investment promotion conferences. The total investment of those projects reached 4.7 trillion yuan. In January and February of this year, Guangdong established 2,982 new foreign-funded enterprises, a growth of 38.1%, demonstrating that Guangdong is the preferred and optimal destination for foreign investment.
Next, we will firmly pursue higher-standard opening-up, leveraging the synergies of the "five international linkages," which are foreign trade, investment, outsourcing, economic cooperation and talent introduction, in order to fully support the growth of foreign trade and investment.
First, we aim to enhance the quality and effectiveness of foreign trade. We will implement policies to stabilize foreign trade and promote growth, expand trade in intermediate goods, nurture new export growth drivers, such as the "new trio," namely, electric vehicles, lithium-ion batteries, and photovoltaic products, stabilize and enhance processing trade, promote the development of new forms of foreign trade and consolidate and expand diverse international markets. Africa is a significant trading partner with the total trade volume exceeding 270 billion yuan last year, marking a growth of 3.9% and accounting for 13.7% of the trade between China and Africa. Products such as mobile phones from Shenzhen, furniture from Foshan and lighting fixtures from Zhongshan are highly favored by African consumers. Notably, the mobile phone produced by Transsion Holdings are tailored specifically for the African market. I have personally visited this company, witnessing its widespread popularity among African consumers.
Second, we will promote coordinated development of domestic and foreign trade. We will ensure that products sold domestically are produced on the same production lines, meet the same standards, and are of the same quality as exported products, facilitating smooth transitions for businesses between domestic and international markets. This endeavor aims to amplify the reach of Guangdong's innovative technologies, high-quality products and branded services across the country.
Third, we will foster a world-class business environment that is market-oriented, law-based and internationalized, and advance institutional opening up. This includes fully implementing the negative list for foreign investment and service mechanisms for major foreign investment projects like the "through train " and "one-stop" service. Through more efficient and high-quality services, we aim to build the "Invest in Guangdong" brand. Next month, we will host the 135th session of the China Import and Export Fair, also known as the Canton Fair. We sincerely welcome merchants and friends from home and abroad to come to Guangzhou and participate in this event, achieving mutual cooperation and success.
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