I. Restrictions on foreign investment in China's manufacturing industry to achieve "zero"
Event summary: From November 1, 2024, the 2024 version of the national negative list for foreign investment access was officially implemented. Compared with the 2021 version, the latest version of the negative list deleted the only two remaining restrictions in the manufacturing sector, reducing the number of restrictions from 31 to 29, and achieving "zero" restrictions on foreign investment access in the manufacturing sector.
Significance: This is a vivid expression of China's commitment to "China's door of opening up will not be closed, but will only open wider", marking that the level of opening up of China's manufacturing industry is significantly ahead of developing countries, and even higher than a considerable number of developed economies. This will help China participate more deeply in global industrial division of labor and cooperation, build a more open and resilient industrial chain and supply chain, and promote the high-end, intelligent and green development of manufacturing.
The 7th China International Import Expo will be held soon
The 7th China International Import Expo (CIIE) will be held in Shanghai from November 5 to 10, 2024. The overall exhibition area of this CIIE exceeds 420,000 square meters, and 152 countries, regions and international organizations will participate in national exhibitions and corporate exhibitions, of which the corporate exhibition will continue to maintain a scale of more than 360,000 square meters.
Highlights: The National Exhibition continues to serve as an important platform for countries to showcase their comprehensive image and opportunities in the field of trade and investment, with 77 countries and international organizations participating. France, Malaysia, Nicaragua, Saudi Arabia, Tanzania and Uzbekistan will serve as guest of honor, showcasing their fruitful cooperation with China in the fields of economy, trade, science, technology and culture. In addition, prime ministers of many countries will attend the opening ceremony of the Expo and related activities, which shows China's important position and influence in the international economic and trade field.
3. China and Switzerland officially launched negotiations on upgrading the free Trade agreement
On September 23, 2024, China and Switzerland officially launched negotiations to upgrade their free trade agreement. The two sides agreed to work together to step up consultations and reach a high-level upgrade agreement at an early date on the basis of mutual benefit and win-win results.
Significance: The China-Switzerland free Trade Agreement has played a positive role in promoting bilateral trade growth since its entry into force 10 years ago. The upgrading of the China-Switzerland free trade agreement is conducive to further expanding bilateral trade and promoting two-way investment, and promoting the upgrading of bilateral economic and trade cooperation. Against the background of the current adverse economic globalization, this will send a positive signal that the two countries support free trade and open cooperation.
Fourth, the volume of freight on the Trans-Caspian international transport corridor has increased significantly
From January to July 2024, 2.5 million tons of cargo were transported along the Trans-Caspian international Transport Corridor, an increase of 63% year-on-year. Among them, the volume of Chinese goods shipped to Europe through Kazakh ports increased by more than 13 times.
Significance: The Trans-Caspian International Transport Corridor has seen a significant increase in cargo volumes, reflecting the increased interest of European companies in the corridor. The expanded corridor will help promote the development of regional trade and cross-border freight transport, and gradually become an important corridor for freight transport in Eurasia.
V. Global trade and investment environment and trends
Rising trade protectionism: At present, the rise of global trade protectionism has brought challenges to the international economy and trade. However, efforts are still being made to promote free trade and open cooperation to address these challenges.
Digital and green transformation: With the rapid development of digital technology and the global emphasis on environmental protection, the international economy and trade are moving towards digital and green transformation. This provides new development opportunities for enterprises, but also brings challenges to traditional trade models and industrial chains.
To sum up, the international economy and trade are undergoing profound changes and adjustments. As the world's second largest economy and an important international trading partner, China plays an important role in promoting global trade and investment liberalization and facilitation. At the same time, countries are actively responding to the challenges brought by globalization, strengthening cooperation and win-win results, and jointly promoting the prosperity and development of the global economy.