China fosters regional economic ties through expos

CHANGCHUN, Aug. 28 (Xinhua) -- James Woo, a businessman from the Republic of Korea (ROK), is gearing up to launch a ginseng venture in the city of Changchun of Jilin Province, a leading production area for the renowned medicinal herb in northeast China.

During the 14th China-Northeast Asia Expo, which concluded on Sunday in Changchun, he achieved significant progress in terms of business cooperation with various Chinese merchants.

"This (China-Northeast Asia Expo) is a convenient platform to gain cutting-edge information and seek opportunities for collaboration," said Woo, who participated in the expo for the fifth time.

The five-day event saw the offline participation of over 20,000 merchants from 123 countries and regions. Cosmetic items from the ROK, electronic goods from Japan, snacks from Russia and cashmere from Mongolia proved popular with consumers.

Changchun-based Jetty Automotive Technology Co., Ltd., which took part in the expo for the first time, showcased a lightweight aluminum wiring harness designed for new energy vehicles, which helps to reduce the overall vehicle wiring weight by 30 percent.

Dong Yuting, the company's business manager, said they hope to seize the opportunity to find more partners for cooperation.

The China-Northeast Asia Expo has become a significant platform for building consensus and forging economic and trade cooperation between China and its neighboring countries, and even beyond.

Since its inception in 2005, the expo has witnessed the signing of more than 3,000 cooperation projects with a total investment value exceeding 2 trillion yuan (about 275 billion U.S. dollars). During its latest edition, 99 projects were inked with investments of 84.48 billion yuan.

Northeast Asia, consisting of China, the Democratic People's Republic of Korea, Japan, the ROK, Mongolia and Russia, is one of the world's most dynamic regions for development.

In 2022, the trade volume between China and five other countries in the region totaled 923.2 billion U.S. dollars, up 3.8 percent year on year, according to Vice Minister of Commerce Li Fei.

Wu Hao, head of Jilin University's Northeast Asian Studies College, said that accompanied by expanding trade and investment and enhanced connectivity, the collaboration between China and other Northeast Asian countries is deepening in new areas, such as technological innovation, the low-carbon economy and the ice-and-snow industry.

"There is ample room and enormous potential for mutually beneficial cooperation between enterprises," Wu said.

In the face of the challenges of a post-pandemic global landscape, several offline exhibitions targeting neighboring countries have been organized in China this year, as part of its efforts to drive the revitalization and growth of both the domestic and global economies.

On Aug. 20, the China-South Asia Expo concluded in Kunming, the capital of southwest China's Yunnan Province. It was the first time the expo had fully returned to an offline format since the onset of the COVID-19 pandemic.

More than 340 investment projects with a total investment of 412.65 billion yuan were signed during the event.

Over the past 10 years, the expo has witnessed closer ties between China and South Asia, with the trade volume between China and South Asian countries doubling to 197.4 billion U.S. dollars last year.

China is accelerating the transformation into a trader of quality, placing greater emphasis on attracting foreign investment, Li Fei said.

Li added that the country is deepening bilateral and multilateral economic and trade cooperation, advancing high-quality Belt and Road cooperation, and actively leveraging the role of various exhibitions, including the China-Northeast Asia Expo, to create more open platform mechanisms.

China saw a rapid increase in newly established foreign-invested enterprises. Some 24,000 new foreign firms established themselves in China in the first half of the year, marking a 35.7 percent rise year on year.