Since its establishment more than 40 years ago, China’s National Economic Development Zone has begun its top priority, has been in the “first class” of promoting foreign trade and attracting foreign investment, said Ji Xiaofeng, a Commerce Department official.
For 40 years, these zones have been making a continuous effort to self-improvement and have been working to create a high-quality, legal-based business environment, JI said in the latest episode of China Economic Roundtable, an all-media talk show hosted by Xinhua News Agency.
By the end of 2024, China had established 232 national economic development zones.
Of these, Japanese electronics giant Panasonic was one of the earliest foreign investors in the Chinese market. Today, there are three subsidiaries in Suzhou Industrial Park, located in Jiangsu Province, eastern China.
According to the annual rankings released by the Commerce Ministry, Suzhou Industrial Park was ranked first among all national economic development zones in China at the development level at the end of 2024, and maintained its major position for the ninth consecutive year.
“The location of the industrial park, industrial chain and policy support were very attractive to us and have provided great benefits for investment and development not only in Suzhou but across China,” said Panasonic Chinese President Zhao Bingdi.
By providing highly specialized services, such as promoting government business exchanges, the industrial park is dedicated to helping businesses improve operational efficiency and provide information on the latest policy measures, Zhao said.
In May, the Commerce Ministry announced a work plan to further deepen reform and innovation in the National Economic Development Zone, marking one of China’s latest moves and strengthening the role of these zones in promoting high levels of openness.
“We are witnesses and beneficiaries of China’s reform and opening up and we are continuing to commit to continued growth here as the country moves towards high quality development,” Zhao said.