Fujian to promote an open economy

The value of Fujian's imports and exports rose to 1.159 trillion yuan ($183.96 billion) in 2017, up 12 percent year-on-year, becoming a pillar driving force for its economic growth, according to a government report made at the provincial government people's congress on Jan 26.

According to the report over 2,000 foreign enterprises invested in Fujian in 2017 inlcuding e-commerce giant eBay, who established a new branch office in Fuzhou, captial city, its second one in China after Shenzhen, and the actual use of foreign direct investment in the province reached over 57 billion yuan, a year-on-year growth of 8.2 percent.

Not only a magnet for foreign capital, Fujian also stepped up its overseas investment, as it endeavors to have further involvement in the construction of the Belt and Road Initiative.

First proposed in 2013, the Initiative is a national key project that aims to build a trade and infrastructure network connecting Asia with Europe and Africa along ancient trade routes.

As an important node on the 21st Maritime Silk Road, the province's investment in the countries along the Road in the past year amounted to $ 2.29 billion, with more expected.

Meanwhile, Fujian also enjoyed an increasingly close economic relationship with Taiwan. The trade value between the two parties maintained a high speed annual growth of 18.3 percent to hit 77.46 billion yuan in 2017.

Looking ahead, Fujian plans to further deepen the reform and opening up as a national-level FTZ and strengthen economic, cultural and people-to-people communications with the countries and regions under the umbrella of the Belt and Road Initiative.

It will also continue to push ahead with cooperation and exchanges with Taiwan in the fields of finance, trade and culture, and support more Taiwan youth to further their education, seek employment or start businesses in the region.

Local authorities will allocate 1.66 billion yuan in 2018 to promote an open economy of higher standards in the province, the report says.