Trade fair to help Chinese businesses tap overseas market

The 2016 China International Fair for Investment and Trade will take place in Xiamen, Fujian province between Sept 8 and 11 this year to further enhance China's business ties with the world and further promote the Belt and Road Initiative and connect the regions in diverse industries.

The initiative, proposed by China in 2013, is a trade and infrastructure network that includes the Silk Road Economic Belt and the 21st Century Maritime Silk Road. The planned network connects Asia, Europe and Africa and passes through more than 60 countries and regions.

Liu Dianxun, director of the investment promotion agency at the Ministry of Commerce, said the fair this year is expected to build a flexible platform for Chinese companies to tap overseas markets, increase China's outbound direct investments to other global destinations and attract quality foreign direct investment and technologies into the country.

Eager to enhance its earning ability, China has been keen to take decisive measures to diversify investment, trade, regional connectivity and economic integration with countries along the Belt and Road trading routes and enable greater domestic market access for foreign companies.

"Promoting an export-oriented economy helps resolve domestic economic problems - this is a successful example that is often adopted by developed countries to upgrade their industries and maintain their economic prosperity," said Liu.

In the past, China's economic development mainly relied on trade, namely with exports of goods and services. But as China's economic growth has slowed over the past two years, the country has moved production facilities abroad and increased its technology collaboration with countries in Central Asia and Southeast Asia.

Pei Jinjia, the mayor of Xiamen, said an increasing outflow of China's overseas direct investment could also help stimulate the global economy and sustain its growth momentum, even as uncertainties remain over the strength of the global recovery.

The organizers of 2016 CIFIT have already begun to invite foreign government officials, heads of business chambers and companies to participate in the event in Xiamen this year, as well as adding new market growth points and themes including e-commerce, innovation and entrepreneurship, international industrial cooperation and the functions of Asian Infrastructure Investment Bank into this year's trade and investment fair.

Ni Chao, vice-mayor of Xiamen, said the establishment of the AIIB and new free trade zones in China's coastal provinces will not only increase economic flexibility with countries along the Belt and Road Initiative, but also offer better conditions to improve services and upgrade industries for pillar manufacturers in both China and other countries.