Expo helps drive regional development

China-Northeast Asia Expo generates 220 billion yuan in investment capital and 325 contracts

For some time now, many countries have sought to drive economic growth through regional trade and free trade agreements with other countries. The annual China-Northeast Asia Expo, which began under the aegis of the Chinese government in 2005, has been providing just the kind of platform such countries need.

The expo has successfully promoted trade and investment ties among Northeast Asian countries such as Russia, Mongolia, Japan and the Republic of Korea.

This year's edition, the 10th, was held from Sept 1 to 6 in Changchun, the capital of Jilin province in Northeast China. It attracted over 220.1 billion yuan ($34.6 billion) in investment capital in 325 project contracts.

Chen Weigen, deputy director of the Jilin Provincial People's Congress, said cooperation in Northeast Asia has been gaining tremendous ground, and the expo had stimulated businesses in logistics, tourism, aviation, shopping, food and culture.

Besides the regular members, the expo is open to other countries, said Chen, who is also the director of the expo's executive committee.

More than 10,000 international company representatives, including goods purchasing agents, from 111 countries and regions participated in the expo. They sought to either buy products made in the region or negotiate business with buyers and clients from other nations.

Official data shows trade contracts worth $801 million were clinched at this year's event. The World Purchaser Fair, part of the expo, alone saw deals worth $131.7 million signed in less than four hours during the event. Some 56 foreign companies, including those from the United States, Russia, the Netherlands, India and Malaysia were among the signatories.

Chen said both Chinese and overseas companies showed interest in products relating to high-end manufacturing, garments, chemicals, agriculture, pharmaceuticals and electronics.

Chen said Jilin province began work in January to make the event success. The focus was on increasing efficiency and effectiveness in investment pitches. The services sector, collection of information on businesses, acceleration in industrial upgrades, promotion of cooperation, and projects in strategic and emerging sectors of Jilin received special attention.

Organizers arranged 35 large-scale business promotion meetings and events, as well as 290 specialized and regional project promotion meetings. A total of 9,800 entrepreneurs and officials negotiated 2,600 issues during these meetings.

Song Yaoming, commercial counselor with the Asian Affairs Department of China's Ministry of Commerce, lauded the expo for bringing about a decade of development. The expo's changing themes are a good thing, he said. For, annual themes like regional connectivity, promotion of the private sector and diversified bilateral or multilateral cooperation have brought business and prosperity to the region. They also met the new growth demand of nations in the region, Song said.

For instance, the China-ROK Free Trade Agreement, which was an outcome of the expo, has been implemented. Similarly, Russia is expediting implementation of its strategy to leapfrog development of its Far East region.

Through the expo, Mongolia has been continuously strengthening cooperation with China in mineral resources exploitation, infrastructure construction and finance.

As a flexible business platform, the expo has been able to meet countries' demand for further development.

"As the second and the third largest economies in the world, China and Japan have been important partners in economic and trade cooperation for a long time. Now, regional cooperation in Northeast Asia is also developing steadily and witnessing good momentum," said Song.

Contact the writers through zhongnan@chinadaily.com.cn

(China Daily 09/25/2015 page16)