CIFIT opens in Xiamen to secure new investment deals
Visitors at the 21st China International Fair for Investment and Trade in Xiamen, Fujian province. [Photo by Gao Shengkai/China Daily]
International fair attracts participants from across the globe
The 21st China International Fair for Investment and Trade got underway on Wednesday in Xiamen, Fujian province, with businesses from across the world attending to participate in exchanges.
Focusing on new opportunities for international investment under new development patterns, the four-day event runs until Saturday and is taking place online and offline.
This year's CIFIT has an exhibition area of some 110,000 square meters and will host more than 30 forums and activities to showcase cutting-edge industries, hold high-level discussions and promote practical cooperation, according to its organizers.
Countries and regions involved in the Belt and Road Initiative and the Regional Comprehensive Economic Partnership are among major participants at this year's fair.
At the pavilion for investment promotion, participants from 45 countries and regions, as well as international organizations and 32 delegations, are demonstrating their investment policies, business environment and projects.
The Philippines, the guest country of honor of this year's fair, has set up a 420-sq-m booth showcasing its investment environment and policies, agriculture, construction industry and tourism.
"We are honored to be the guest country of CIFIT for two consecutive years," said Mario C. Tani, commercial consul at the Philippine Consulate General in Shanghai.
China is a big economy and takes a leading role in sectors such as e-commerce and infrastructure. That is what the Philippines is looking to grow, Tani said. As of 2020, the bilateral trade volume between China and the Philippines has reached 271 billion yuan ($42 billion). China is the Philippines' largest trading partner, according to the Philippine Trade and Investment Center.
"We would like to promote the Philippines as an investment destination and to establish economic relationships with more Chinese companies," Tani said.
"The Philippines is open to everybody."
Xiamen is one of the most economically competitive cities in China and was one of the first Special Economic Zones on the Chinese mainland. As a vice-provincial city independently listed on the State development plan, it has provincial-level authority in economic administration and local legislative power. In 2010, the Xiamen SEZ was expanded to cover the entire municipality. Today, Xiamen is a modern and international port city.