【CONTENTS】
I. China tops investments in Hungary as Asia leads 2024 FDI
II. Omani minister says looking forward to deep economic, trade ties with China
III. China ready to advance greater BRICS cooperation: spokesperson
IV. China hails trade, investment achievements of RCEP at three-year mark
V. China to ease investment restrictions further for foreign firms
VI. China's exhibition event attracts global industry experts for exchanges, cooperation
I. China tops investments in Hungary as Asia leads 2024 FDI
China, South Korea, and Japan contributed nearly 80 percent of Hungary's newly secured foreign direct investment last year.
BUDAPEST, Jan. 9 (Xinhua) -- China accounted for the largest share of foreign investments in Hungary in 2024, with seven Chinese projects contributing nearly half of the year's total investment value, Hungarian Minister of Foreign Affairs and Trade Peter Szijjarto said on Thursday.
South Korean and Japanese companies also announced major projects, cementing Asia's role in driving Hungary's economic growth. China, South Korea, and Japan dominated Hungary's foreign direct investment (FDI) landscape, collectively responsible for nearly 80 percent of the total 4,000 billion forints (9.97 billion U.S. dollars) in new investments secured last year, said Szijjarto in a Facebook post.
"If we had given in to external pressure ... and failed to implement the Eastern Opening strategy or the economic neutrality strategy, if we had allowed ourselves to be cut off from Eastern investments, thousands of jobs and billions of euros worth of investments would have gone to other countries," Szijjarto said, highlighting the government's focus on attracting high-value projects from Asia.
Germany and the United States followed as key contributors, securing the fourth and fifth largest shares of investments, respectively. Szijjarto said that investors from "all directions of the compass" have brought advanced technologies and created jobs.
According to Szijjarto, the Hungarian government signed agreements with 77 companies in 2024, making it the second most successful year in the country's history for investment promotion.
Automotive and electronics industries remained dominant, but the food sector rose to third place. Additionally, Hungary secured 19 high-value agreements in business services, IT, and research and development, marking progress in diversifying its economic portfolio.
"This achievement underscores Hungary's transformation and the effectiveness of its investment promotion strategy," Szijjarto said. (1 Hungarian forint = 0.0025 U.S. dollar)
(2025-01-10 Source: Xinhua News Agency)
II. Omani minister says looking forward to deep economic, trade ties with China
MUSCAT, Jan. 9 (Xinhua) -- Qais Mohammed Al Yousef, Oman's minister of commerce, industry, and investment promotion, said here on Thursday that Oman looks forward to enhancing economic and trade cooperation with China.
Al Yousef made the remarks during a media meeting named "Oman and the World," organized by the Ministry of Information of Oman.
Speaking to Xinhua, the minister underscored the significance of the Gulf Cooperation Council (GCC) as a key regional bloc and expressed hope that the GCC and China would finalize their Free Trade Agreement negotiations soon, paving the way for a GCC-China Free Trade Zone.
The GCC, founded in 1981 and headquartered in Riyadh, Saudi Arabia, comprises Saudi Arabia, Bahrain, Oman, Kuwait, the United Arab Emirates, and Qatar. It is the most influential political, economic, and security organization in the Gulf region. China established ties with the GCC shortly after its inception.
(2025-01-10 Source: Xinhua News Agency)
III. China ready to advance greater BRICS cooperation: spokesperson
BEIJING, Jan. 7 (Xinhua) -- China stands ready to work with all BRICS countries to embrace the spirit of openness, inclusiveness and win-win cooperation, and advance the high-quality development of greater BRICS cooperation, Chinese foreign ministry spokesperson Guo Jiakun said Tuesday.
Guo made the remarks at a daily press briefing when asked to comment on the news that the 2025 BRICS chair, Brazil, announced that Indonesia has become a full member of BRICS.
"China warmly welcomes the new addition to the BRICS family," said Guo.
Guo noted that the BRICS cooperation mechanism came into being amid the collective rise of emerging markets and developing countries. It is also what the world would like to see in the interest of peace, the world's common development and better global governance.
"BRICS has become a vital platform for promoting solidarity and cooperation of the Global South and a major force driving the reform of the global governance system," Guo said, adding that the future holds tremendous promise for greater BRICS cooperation.
(2025-01-08 Source: Xinhua News Agency)
IV. China hails trade, investment achievements of RCEP at three-year mark
BEIJING, Jan. 9 (Xinhua) -- The Regional Comprehensive Economic Partnership (RCEP) has deepened trade and investment cooperation among its members since it came into force three years ago, and has effectively consolidated the fundamentals of China's foreign trade, China's Commerce Ministry Spokesperson He Yadong said on Thursday.
He made the comments at a regular press conference several days after the third anniversary of the implementation of the RCEP, which fell on Jan. 1 this year.
As the non-ASEAN rotating chair of RCEP in 2024, China worked to facilitate new members in joining the pact, He said, adding that China's Hong Kong, Sri Lanka and Chile have submitted formal applications to join RCEP, while other economies have shown strong interest.
Since it came into force in 2022, the RCEP has helped deepen regional economic integration, He said. In 2023, the trade volume within the RCEP region totaled 5.6 trillion U.S. dollars, and the amount of green-field investment attracted by the region was 2.2 times that of 2021.
From January to November in 2024, China's trade in goods with RCEP members reached 12 trillion yuan (about 1.67 trillion U.S. dollars), an increase of 4.4 percent year on year.
The RCEP is the free-trade agreement with the largest participating population in the world, as well as the largest economic and trade scale, and the greatest development potential, He said.
He added that China, the largest economy in RCEP, will continue to implement the RCEP comprehensively and with high quality, and make greater contributions to promoting Asia-Pacific economic integration and achieving regional common development and prosperity.
The RCEP comprises 15 countries, including 10 countries of the Association of Southeast Asian Nations, as well as China, Japan, the Republic of Korea, Australia and New Zealand.
According to a study conducted by the Asian Development Bank, the RCEP is expected to increase the incomes of member economies by 0.6 percent by 2030, adding 245 billion U.S. dollars annually to regional income and 2.8 million jobs to regional employment.
(2025-01-10 Source: Xinhua News Agency)
V. China to ease investment restrictions further for foreign firms
BEIJING, Jan. 9 (Xinhua) -- China has decided to abolish the terms in a previous circular in 2011 and lift its restrictions on foreign investment companies using domestic loans to carry out equity investment, the Ministry of Commerce (MOC) said on Thursday.
The move aims to implement the Foreign Investment Law and encourage multinational companies to establish headquarters-type institutions in China, MOC spokesperson He Yadong told a press conference.
He said that the scale of reinvestment by foreign-funded enterprises in China has continued to grow in recent years, and some foreign companies have expressed hope for the removal of restrictions on addressing their capital needs of reinvestment through domestic loans.
Foreign-funded enterprises are welcome to report any difficulties or problems they encounter in their investment and operations to Chinese authorities, the spokesperson said.
The MOC will work to coordinate and promote solutions for the reasonable demands of foreign enterprises, and provide a good business environment for foreign enterprises to invest and operate in China, He added.
(2025-01-10 Source: Xinhua News Agency)
VI. China's exhibition event attracts global industry experts for exchanges, cooperation
TIANJIN, Jan. 9 (Xinhua) -- The 20th China Expo Forum for International Cooperation (CEFCO), a key annual event in the global exhibition industry, opened in north China's Tianjin Municipality on Thursday, highlighting international exchanges and cooperation.
Themed "Empowering a Sustainable Future with New Quality Productive Forces," the three-day forum has attracted over 600 industry professionals from 20 countries and regions, including China, the United States, Canada, and the United Kingdom, with participants sharing insights and discussing the future prospects of the global exhibition industry.
In recent years, the exhibition industry in China has emerged as a vital tool for driving economic growth. Major events like the China International Import Expo and the China Import and Export Fair have played a significant role in boosting the exhibition economy and creating a ripple effect that supports broader economic development.
Since its inception in 2005, the CEFCO has been held in various cities across China, including Beijing, Shanghai, Chengdu and Macao. It has attracted tens of thousands of exhibition industry professionals from over 30 countries and regions, facilitated the launch of numerous high-quality exhibition projects, and played an important role in fostering cooperation between China's exhibition sector and its international counterparts.
"The exhibition industry serves as a crucial link between production and consumption, supply and demand, as well as domestic and international markets. It acts as an important bridge connecting enterprises, markets, and resources globally. Its role is irreplaceable in driving economic and social development, while also advancing international trade and economic cooperation," said Ren Hongbin, chairman of the China Council for the Promotion of International Trade, at the opening ceremony.
The CEFCO has allowed people to understand the latest trends in the development of the exhibition industry in China and the world, said Chris Skeith, chief executive officer of UFI, the Global Association of the Exhibition Industry.
Lin Shunjie, chairman of the board of China International Exhibition Center Group Limited, said that the 20-year journey of CEFCO has closely mirrored China's trade liberalization process, noting that the exhibition industry will continue to evolve rapidly, with a future marked by increased internationalization, specialization, marketization, and sustainability.
(2025-01-10 Source: Xinhua News Agency)
