Economy

Chinese VP raises 'key' to economic growth

By Qiu Quanlin (China Daily)
Updated: 2010-09-09 10:56

Vice-President Xi Jinping attends the opening of the 14th China International Fair for Investment and Trade (CIFIT) in Xiamen, Fujian province, on Wednesday. Zhang Wei / China Daily

XIAMEN, Fujian - China's premier investment fair opened on Wednesday, with Chinese Vice-President Xi Jinping raising a symbolic "golden key" to open the exhibition hall in this coastal city.

The annual China International Fair for Investment and Trade (CIFIT), sponsored by Ministry of Commerce, has become one of China's most influential platforms for the promotion of trade and investment.

Supachai Panitchpakdi, secretary-general of the United Nations Conference on Trade and Development (UNCTAD), World Trade Organization Director-General Pascal Lamy and senior officials from many countries and regions also attended the opening ceremony.

"Various countries are sparing no efforts in promoting a complete economic revival, and China is also accelerating its transformation of economic growth mode. All these will bring huge opportunities to investors," said Minister of Commerce Chen Deming in his opening speech.

Chen said he hoped the fair would bring new opportunities and space for investors from abroad to deepen international cooperation to help the global economy recover from the economic meltdown.

The second World Investment Forum (WIF), sponsored by UNCTAD and the China International Fair for Investment in Property was also held in Xiamen to coincide with the CIFIT.

The fair included investment and trade exhibitions and investment project matchmaking symposiums.

Harry Amilidis, an investment promotion manager of Invest in Greece Agency, hailed the event as an effective platform to foster closer cooperation between Chinese enterprises and their overseas counterparts.

"It is a strategic plan for us to be here. The fair, for sure, will bring lots of potential business opportunities for enterprises in Greece," he told China Daily.

The agency was at the CIFIT for the first time, focusing on promoting abundant Greek natural resources especially renewable energy.

"We are very strong in renewable energy such as sun, wind power and information communication technology. We want to find potential cooperative partners here in China," he said.

At present, Chinese IT giant Huawei and liner shipping company COSCO have invested in Greece, according to Amilidis.

Meanwhile, for many Chinese government organizations and businesses, the fair also provides numerous trade and investment opportunities.

The Kashgar foreign trade bureau, for example, has regarded the fair as an effective platform to promote its investment environment to attract foreign and domestic investors.

Located in the westernmost part of the Xinjiang Uygur autonomous region, Kashgar is already a major exchange for retailers from Central Asia.

Authorities have announced they would introduce preferential investment and taxation policies to boost investment in this ancient city, which borders Kyrgyzstan, Afghanistan, Uzbekistan, Tajikistan and Pakistan.

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"Kashgar has many business opportunities for investors, especially those from the coastal areas," said Zhao Zhijun, vice-director of the Kashgar foreign trade and investment bureau.

The city is set to become an economic development zone as part of government efforts to transform the city into a prosperous trading post for China's Central Asian neighbors.

Also on Wednesday, an online fair, jointly sponsored by the CIFIT organizing committee and the China International Investment Promotion Platform, was also launched.

Vice-Minister of Commerce Wang Chao pressed a button to officially launch the online service, which includes exhibitions, project promotion and road shows for major projects for all exhibitors.

Since its trial operation on July 8, the online CIFIT has been receiving a lot of attention and support from domestic and foreign governments, investment promotion agencies and investors, especially CIFIT members and their subordinates, organizers said.

As of Wednesday, some 600 enterprises and 38 CIFIT members have put their booths into operation in the online platform, which helped promote more than 6,000 domestic and international investment projects, according to the CIFIT organizing committee.

"The online service will help develop the annual CIFIT into an everlasting trade and investment event for participants and visitors at home and abroad," Wang said.

Xinhua contributed to this story.