East China’s Jiangsu province will accelerate the construction of a two-way open hub with global convergence power, according to an action plan released at a press conference held Thursday in Nanjing by the provincial government.
The Action Plan provides a comprehensive explanation of the connotation of Jiangsu's construction of a "two-way open hub with global cohesion". The "world aggregation power" is reflected in the agglomeration flow power, allocation value-added power, and radiation belt power of global resource elements. The "two-way opening up" is reflected in a new pattern of opening up that is mutually beneficial between the East and the West, interconnected internally and externally with inside and outside balance oriented towards the future. The "hub" is reflected as a high-level gateway hub for opening up to the outside world, an important hub for the industrial chain supply chain, and a strategic hub for domestic and international dual circulation.
“We propose 13 quantitative indicators by 2025 based on the three capabilities of ‘world cohesion’. The ‘agglomeration flow power’ is measured by five quantitative indicators, including domestic and international trade volume, two-way investment volume, port container throughput capacity, China Europe freight train operation volume, and all cargo aircraft navigation points. The ‘radiation driving force’ is measured by four indicators: world-class industrial clusters, local multinational enterprises, public overseas warehouses, and overseas marketing outlets,” said Ni Haiqing, Deputy Director of the Jiangsu Provincial Department of Commerce.
According to the Action Plan, Jiangsu will carry out eight major actions, including optimizing its open layout, tackling challenges in foreign trade innovation and development, strengthening and extending industrial chains, strengthening the construction of high-end platforms, and leading institutional openness. These actions will be divided into 33 tasks to achieve the goal of accelerating the construction of a two-way open hub with global convergence.
The campaign for innovative development in foreign trade consists of six tasks that include consolidating and expanding the international market, accelerating the development of new formats and models, and actively expanding digital trade. The action of strengthening, supplementing, and extending the industrial chain consists of five tasks that include enhancing the international competitiveness of the industrial chain, and deeply participating in global division of labor cooperation.
In the next step, Jiangsu will focus on implementing the three-year action to enhance the Jiangsu Pilot Free Trade Zone in a bid to develop foreign-funded headquarters economy and research and development centers, deepen the construction of Suzhou Industrial Park's open innovation comprehensive experiment so as to achieve a comprehensive leap in the new driving force of foreign trade development, the quality level of foreign investment utilization, and the level of open platforms.
