China to boost high-quality development in national development zones

BEIJING -- China's Ministry of Commerce has released a work plan to deepen reform and innovation in the country's state-level economic and technological development zones for high-quality development through high-standard opening-up.

Noting that building these development zones is an important measure for China to advance reform and opening up, the work plan stresses that these development zones should be pioneers in reform and opening up and further improve the institutions and mechanisms of high-standard opening up.

To enhance the quality of foreign investment use, foreign-funded projects in sectors such as integrated circuits, biomedicine, and advanced equipment manufacturing within the zones should be prioritized for inclusion in the list of major foreign investment projects, according to the plan.

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

The plan also underscores the need for more diversified and innovative foreign trade strategies. It supports the establishment of bulk commodity trading centers, global distribution hubs, and international logistics centers in qualified development zones.

The plan also emphasizes the role of these zones as open platforms and encourages them to promote international collaboration under the frameworks of multilateral and bilateral initiatives and agreements, particularly in areas such as green development, the digital economy, and the marine economy.