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Fujian moves forward, riding crest of a development wave

By Song Mengxing ( China Daily )

Updated: 2018-10-08

Dynamic region attracting investment from top domestic groups, foreign companies, Song Mengxing reports.

Further opening-up is necessary for Fujian to continue successfully down the path of promoting its dynamic development, according to leading local officials, businesspeople and analysts.

The eastern Chinese coastal province has received several "national tasks" since the 18th National Congress of the Communist Party of China in 2012, which have brought Fujian golden opportunities for opening-up.

A national document for promoting the Belt and Road Initiative, released in 2015, said Fujian would be supported to develop into a core area involved in the 21st Century Maritime Silk Road, part of the initiative.

The State Council approved setting up the Fujian Pilot Free Trade Zone in late 2014.

As one of the first provinces that implemented the reform and opening-up policies, Fujian never stopped in its steps to promote the initiatives, local officials said.

Xiamen in southeastern Fujian hosted the ninth BRICS Summit in September last year, which saw the leaders of the member states of Brazil, Russia, India, China and South Africa meet.

The first Digital China Summit was held in Fuzhou, the provincial capital, in April. And about 20 days later, the city hosted the 21st Century Maritime Silk Road Expo & the Cross-Straits Fair for Economy and Trade.

The province has taken advantage of these important economic events to boost its attractiveness as an investment destination, local media reported. Foreign capital employed in Fujian increased from $6.34 billion in 2012 to $8.58 billion in 2017, with an average annual growth rate of 6.2 percent.

Local companies have launched operations overseas, focusing on regions along the 21st Century Maritime Silk Road. The province's investment abroad rose from $850 million in 2012 to $3.51 billion in 2017, at an average annual growth rate of 32.8 percent.

Local officials said expanding opening-up and doing business with companies from other regions were crucial for Fujian to achieve high-quality economic development.

A project developed by Shanghai-based automaker SAIC Motor and Fujian-headquartered Contemporary Amperex Technology - producing battery systems for new-energy vehicles - started construction in the city of Ningde on April 28. It will mainly make new-energy cars and help Fujian become a center for the sector in China's southeastern coastal areas.

Projects like this one have seen Fujian's auto industry grow out of nothing and develop fast.

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