Mncs Praise Opening Up At Xiamen Trade Fair

Australia Reacts to Global Economic News

MNCs Praise Opening-Up at Xiamen Trade Fair

Xiamen, China - The 21st China International Fair for Investment and Trade (CIFIT) concluded in Xiamen on Tuesday, with multinational corporations (MNCs) praising China's opening-up and further integration into the global economy.

"The CIFIT is a testament to China's commitment to opening its doors to foreign investment and trade," said Jack Ma, Alibaba Group founder, and chairman. "It offers a valuable platform for global businesses to connect and collaborate with Chinese companies."

This year's CIFIT attracted over 5,000 exhibitors from 128 countries and regions, showcasing their latest products and technologies. Over 89,000 business representatives attended the event, resulting in over 670 projects with a combined investment of 630 billion yuan (about 90 billion U.S. dollars).

The CIFIT also provided a platform for global economic leaders to discuss key issues facing the world economy. Leading economists and policymakers participated in a series of forums and discussions, covering topics such as global economic governance and the future of international trade.

The CIFIT was also a platform for global economic cooperation. The event featured the signing of over 100 cooperation agreements between Chinese and foreign companies. These agreements cover a wide range of industries, including manufacturing, finance, technology, and e-commerce.

China has been implementing a series of measures to open up its economy and attract foreign investment. The country has reduced tariffs, simplified investment procedures, and created special economic zones to encourage foreign businesses to invest in China.

These measures have helped China become the world's second-largest economy. In 2018, China's GDP reached 13.6 trillion U.S. dollars, with a growth rate of 6.7 percent. Foreign direct investment in China reached 138 billion U.S. dollars in 2018, up 3 percent from the previous year.