Xiamen in southeast China’s Fujian Province is one of Danijel Nikolic’s favorite cities, not just in China, but worldwide. As assistant secretary general of the government of Serbia, Nikolic has visited Xiamen twice, attending the China International Fair for Investment and Trade (CIFIT) in 2019 and 2023. This year, he plans to visit the city again. “Every visit deepens my connection to this city. Its vibrant economic landscape makes it truly special,” he told Beijing Review.
The annual CIFIT is a big contributor to Xiamen’s dynamic economic landscape, especially in foreign investment and trade. Organized by China’s Ministry of Commerce (MOFCOM), the fair kicks off in the coastal city on September 8 every year. Over the past 23 editions, more than 30,000 project agreements have been signed, with most successfully implemented, according to Ling Ji, Chinese Vice Minister of Commerce, at a CIFIT briefing on August 26.
Last year, Serbia was the guest country of honor at the fair, where Serbian companies inked deals worth $4 billion with their Chinese counterparts. “These projects are progressing as planned, further strengthening the economic ties between Serbia and China,” said Nikolic.
Highlighting investment
Themed Investment Links the World this year, the fair facilitates both investment in China and the country’s investment abroad.
At the venue of the fair, a 26,000-square-meter pavilion is being decorated to create a seamless environment for exhibitions and negotiations, allowing enterprises to showcase their products and ideas, and investors to discover promising projects.
About 50 events, including roadshows, will unfold over the four-day fair to nurture international cooperation in green development, the digital economy, artificial intelligence, new energy and finance.
MOFCOM has gathered 400 promising domestic projects awaiting investment, which will be showcased at the fair. Leading financial institutions, such as China Investment Corp., have also been invited to enhance investment opportunities.
Additionally, the fair will feature a China Outbound Investment Cooperation Zone, allowing Chinese enterprises to highlight their overseas investments.
This year, Serbia is taking a different approach to its CIFIT participation. “Rather than focusing on individual projects, we’ve chosen to present new investment opportunities in Serbia, particularly emphasizing the implementation of the recently signed free trade agreement between Serbia and China [which went into effect on July 1],” Nikolic told Beijing Review.
Nikolic has high expectations for this year’s CIFIT, considering it a pivotal event for strengthening Serbia-China economic ties. “We expect the discussions held and agreements made at the CIFIT to catalyze further growth in sectors like technology, energy, infrastructure and agriculture, as well as many other areas. We anticipate that this year’s event will set a new benchmark for the economic partnership between our two countries,” he said.
For those unable to join the Xiamen fair in person, its online platform, or the Cloud CIFIT, will give them the chance to hunt down new business opportunities. The fair will set up a livestreaming center for the first time, said Wang Jinfu, Vice Governor of Fujian, at the briefing.
Meanwhile, this year’s CIFIT will present China’s policies, best practices and recent achievements in attracting foreign direct investment, encouraging outbound investment and fostering the development of new quality productive forces. New quality productive forces represent China’s strategic shift toward a more innovative, technology-driven and sustainable economic model to achieve higher productivity, competitiveness and long-term growth. Reports on these topics are expected to be released at the fair.
“The fair is a platform to promote mutual investment. It has continuously provided new impetus for international investment and cross-border direct investment,” added Ling.
Businesspersons or investors from nearly 90 countries and regions have registered to attend this year’s CIFIT, 80 percent of whom are involved in the Belt and Road Initiative (BRI), a China-proposed initiative to boost connectivity along and beyond the ancient Silk Road routes.
Fujian is the origin of 15.8 million of the world’s overseas Chinese. This year’s CIFIT will invite overseas Fujian merchants, enterprises and representatives who live and work in countries participating in the BRI, providing a platform for them to invest in their hometown and achieve mutual growth through bilateral efforts.
An economic hub
As the CIFIT host city, Xiamen has fully utilized this international investment platform since 1997, striving to connect global resources, promote high-quality international investment, and build a high-level open economic system. “Reform and opening up are the most prominent features of Xiamen as it is one of China’s earliest special economic zones (SEZs),” said Xiamen’s Vice Mayor Zhuang Rongliang.
China’s SEZs, first created in 1980, are designated small geographic areas that offer foreign companies access to lower taxes and improved economic conditions for their businesses.
According to Zhuang, over the past 40 years, Xiamen has developed a multi-level and multifunctional open economic system, comprising of the SEZ, the pilot free trade zone (FTZ), cross-Straits integration development demonstration zone and more. China’s FTZs were introduced more recently, beginning in 2013, to further liberalize trade and investment in designated areas.
Since 1997, Xiamen has become home to over 18,000 foreign-invested enterprises, with considerable foreign investment contributing to the city’s growth. Among these, over 100 projects are backed by major global companies. Xiamen Port ranks 13th globally in container throughput, and its foreign trade competitiveness has also long been leading in China, according to Zhuang.
Looking ahead, Xiamen remains committed to further opening up to the world. The city plans to deepen reforms, drive innovation in foreign trade and facilitate two-way investments, contributing greatly to the country’s development, said Zhuang.
Nikolic believes that despite global challenges, China’s economic prospects remain robust. “The country’s commitment to opening up and its continued emphasis on innovation and technology present solid opportunities for global trade and investment,” he said.
“For Serbia, China’s stable economic growth means a sustained demand for our products and a reliable partner for investment in key industries. We are optimistic about the future of our economic relationship, as China continues to play a crucial role in the global economy and in the development of strategic projects in Serbia,” he added. “I look forward to many more years of collaboration and friendship in Xiamen.”
“Investing in China means investing in the future,” Ling said. “China will continuously optimize its business environment, promote high-level opening up and expand the space for win-win cooperation, allowing the world to share in the benefits of China’s market and development.” –The Daily Mail-Beijing Review news exchange item
