to facilitate co-op
The opening of the Sixth China International
Fair for Trade and Investment (CIFIT) today
will present domestic and foreign investors
with a golden opportunity to further explore
the booming Chinese market.
Yao Shenhong, spokesman of the organizing committee
for the CIFIT, said it will showcase the continuous
efforts made by China to gradually open its
markets following its entry to the World Trade
CIFIT is the country's only national-level international
investment promotion event focusing on the attraction
of foreign investment.
"Related policies concerning foreign investment
will be highlighted during the event,'' the
spokesman told a press conference yesterday.
Organized by the Ministry of Foreign Trade and
Economic Co-operation (MOFTEC), the fair has
attracted more than 200 domestic and overseas
The World Association of Investment Promotion
Agencies (WAIPA) is also assisting the event
for the first time.
As a non-governmental organization, WAIPA acts
as a forum for investment promotion agencies
(IPAs) to provide networking opportunities and
facilitate the exchange of best practice in
Yao said a series of seminars in areas such
as international investment, modern international
logistics, service trade and Sino-European Investment
Co-operation will take place during the four-day
Several high-profile figures will attend, including
MOFTEC Minister Shi Guangsheng, and John Dunning,
economist and initiator of international investment
Seiichi Kondo, deputy secretary-general of Organization
for Economic Co-operation and Development (OECD),
Christopher Galvin, chairman and chief executive
officer of Motorola and Percy Weatherall, managing
director of Jardine Matheson, will also participate.
Exhibitors will be arranged into five pavilions
for provincial delegations and industrial sectors.
They will showcase investment projects available
following China's WTO entry in areas such as
services, retailing, banking, insurance, telecommunications
and tourism and intermediary services, Yao said.
And for the first time the event will feature
pavilions for overseas investors and listed
"Despite the world economic slowdown, stable
economic development and an improved business
environment have greatly boosted foreign investors
confidence in China,'' Yao said.
MOFTEC figures revealed China attracted US$29.54
billion in foreign direct investment in the
first seven months of this year, up 22 per cent
on the same period last year.
Contractual foreign investment rose 32.9 per
cent year on year in the first seven months
of this year to US$55.4 billion.
"CIFIT has become a top brand name of Xiamen,
which has drawn the attention of the world,''
"We are not likely to move the event to
any other place,'' he said, refuting a rumour
that the trade fair may be moved to other cities.
In the previous five fairs, a total of 10,536
co-operative projects were signed with a total
contracted investment of US$56.5 billion.
"Business people from Hong Kong and Taiwan
are attending in increasing numbers year by
year,'' Yao said.