FUJIAN MOVES FORWORD RIDING CREST OF A DEVELOPMENT WAVE
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 CrossStraits 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.
South East (Fujian) Motor was established in 1995 by the then Fujian Motor Industry Group, Taiwan-based China Motor Corp and Japan’s Mitsubishi Motors. The joint venture sold more than 150,000 automobiles last year, achieving year-on-year growth of nearly 40 percent.
Fujian’s FJ Motor and Beijing-based BAIC Motor joined forces in strategic cooperation in 2016, allowing joint venture Fuji BAIC are both Chi man car maker M
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A representative from China Three Gorges said that they would make some fundamental, original and leading achievements as soon as possible to produce major offshore wind power facilities in Fujian.
Zhu Sihai, a researcher at the development research center of the Fujian provincial government, said: “In order to develop large, high-quality projects, the key is not only mastering key technologies in a single industry, but also being competitive in the entire industrial chain that covers the upstream and downstream.”
That is also the key for Fujian to promote high-quality development, Zhu added.
In the last five years, the province’s industrial investment surged from 454.8 billion yuan ($66.06 billion) in 2013 to 860 billion yuan in 2017, at an average annual growth rate of 13.5 percent. Its three dominant sectors — electronics information, petrochemicals engineering and machine manufacturing — expanded and became more competitive.
Fujian has also closely followed the latest trends in international science and technology and industrial development and its emerging sectors, such as new-generation information technology, biological pharmaceuticals and new materials, have also developed into new pillar industries.
The Symposium of International Capital Investment in Fujian, held in Fuzhou on May 18, saw the inking of 30 important foreignfunded projects.
Fujian’s governor Tang Dengjie said during the event that the province will firmly promote a new round of opening-up, create an internationalized and convenient business environment and greatly support foreigninvested companies developing in the province.