China to further consolidate role of economic, technological development zones in attracting foreign investment

This photo taken on March 19, 2025 shows a view of a workshop at an aluminum material company in the Hongqi Canal Economic and Technological Development Zone of Linzhou City, central China's Henan Province. [Photo/Xinhua]

China will further consolidate the role of state-level economic and technological development zones in attracting foreign investment amid its continuous opening-up efforts, the Ministry of Commerce said on Tuesday.

The international economic and trade order is currently facing severe shocks, Ling Ji, vice minister of commerce, told a press conference, noting that the role of development zones as a mainstay in stabilizing foreign trade and investment is becoming increasingly prominent.

By the end of 2024, the number of such zones reached 232 across the country, generating a combined GDP of 16.9 trillion yuan (about 2.35 trillion U.S. dollars), according to the ministry.

During the same period, foreign trade within these zones totaled 10.7 trillion yuan, accounting for 24.5 percent of China's overall trade. Foreign direct investment (FDI) in the zones in actual use reached 27.2 billion U.S. dollars, representing 23.4 percent of the country's total FDI.

The zones have made significant contributions to building a new open economic system, promoting coordinated regional development and driving high-quality industrial growth, Ling said.

Last week, the ministry released a work plan aimed at deepening reform and innovation in the development zones, with a focus on achieving high-quality growth through high-standard opening-up.

To enhance the quality of foreign investment utilization, the work plan calls for prioritizing foreign-funded projects in sectors such as integrated circuits, biomedicine, and advanced equipment manufacturing within the zones for inclusion in the list of major foreign investment projects.

It also encourages the development zones to deepen engagement with leading global investors and financial institutions by leveraging trade promotion platforms while vowing support for the zones in organizing delegations to go overseas to attract foreign capital.

In the next step, the ministry said it will focus on facilitating the implementation of the work plan while supporting the development zones in expanding sources of foreign investment and promoting reinvestment by foreign-funded enterprises in China.