Jiangsu highlighted its efforts and achievements in deepening reform and opening-up during a press conference held on August 29 in Nanjing. The event was part of a series of media briefings aimed at promoting Jiangsu’s high-quality development as a frontrunner in the country.
Among the highlights, Jiangsu’s foreign trade recorded positive month-to-month growth for three consecutive months, and its actual use of foreign investment remained highest among provincial-level regions in the country.
Jiang Xin, deputy director of the province’s Department of Commerce, said that the external environment has become more challenging this year, adding unprecedented pressure to Jiangsu’s pursuit of high-quality development. Nonetheless, Jiangsu has focused on high-level opening-up through initiatives in four areas, showing resilience in expanding foreign trade and foreign direct investment.
Firstly, to stimulate the innovative development of foreign trade, 200 million yuan was allocated at the provincial level to support enterprises participating in overseas exhibitions. In the first half of the year, exports from the province's private enterprises increased by 6.8% year-on-year. The market procurement and cross-border e-commerce export have also maintained rapid growth.
Secondly, to enhance industrial chain and supply chain, Jiangsu has intensified its international reach, including nearly 200 promotion events conducted by more than 80 business delegations abroad. Among the outcomes, 45 foreign-funded projects with a total investment of $11.7 billion were inked at Taihu Lake Entrepreneurs Forum, with each project valued at over $100 million. Jiangsu has identified 100 key foreign-invested projects to expedite their development progress and early operation. In addition, Jiangsu leads the nation with nine projects included on the national list of key foreign-invested projects and eight major manufacturing projects.
Thirdly, to establish open platforms for cooperation, the province introduced a 3-year action plan to bolster up the Jiangsu Pilot Free Trade Zone and a 3-year program to improve the business environment. Suzhou Industrial Park has maintained its top ranking in comprehensive strength for seven consecutive years during the annual evaluation by the Ministry of Commerce. Jiangsu’s six development zones are also among the top 30 countrywide.
Fourthly, the province leads the nation in the value of exports benefiting from the RCEP certificate of origin, and has achieved record customs clearance time at its ports.
The press conference also revealed that Jiangsu will speed up the introduction of a 3-year action plan for high-quality development of its cross-border e-commerce. The province encourages foreign-funded enterprises to set up R&D centers, and promote the enactment of new regulations to protect the legitimate rights and interests of foreign investors.
In addition, the province will facilitate enterprise participation in more than 20 key exhibitions in countries involved in the Belt and Road Initiative, and will establish a network of warehouses along the trade route.
Efforts will also be made to increase publicity and training related to the RCEP agreement, and to support the high-quality development of overseas industrial parks, such as the Sihanoukville Special Economy Zone (SSEZ) in Cambodia and the China-UAE Industrial Capacity Cooperation Demonstration Zone, in Abu Dhabi.
