BEIJING, May 27 (Xinhua) -- In a significant move to bolster its efforts toward opening up the economy, China plans to enhance the role of state-level economic and technological development zones as key drivers in attracting foreign investment. This announcement was made by the Ministry of Commerce on Tuesday, highlighting the government's commitment to create a more inviting environment for international business funding.

Ling Ji, the vice minister of commerce, emphasized the current turmoil in the international economic and trade landscape during a press conference. He stated that the development zones have become increasingly vital in stabilizing both foreign trade and investment, indicating their pivotal role in China's economic framework.

According to the Ministry, by the end of 2024, the number of these development zones across China is expected to reach 232. These zones are projected to generate a combined GDP of 16.9 trillion yuan, approximately 2.35 trillion U.S. dollars, underscoring their importance in the national economy.

During this period, foreign trade activities conducted within these zones are anticipated to amount to 10.7 trillion yuan, which accounts for 24.5 percent of China's total trade volume. Moreover, foreign direct investment (FDI) attracted by these zones in actual utilization is expected to hit 27.2 billion U.S. dollars, representing 23.4 percent of the country’s overall FDI.

The contribution of these zones to the establishment of a new open economic system is notable. Ling remarked that they are instrumental in promoting coordinated regional growth and facilitating high-quality industrial development across various sectors.

In line with these developments, the ministry recently unveiled a work plan aimed at deepening reform and fostering innovation within the development zones. The ultimate goal of this initiative is to pursue high-quality economic growth through a high-standard opening-up approach.

The work plan specifically aims to improve the quality of foreign investment by prioritizing foreign-funded projects in emerging sectors such as integrated circuits, biomedicine, and advanced equipment manufacturing. These initiatives are set to be prioritized on lists of major foreign investment projects within the zones.

Additionally, the development zones are encouraged to strengthen ties with leading global investors and financial institutions. By leveraging trade promotion platforms, they can enhance their engagement while also receiving support to organize overseas delegations aimed at attracting foreign capital.

Looking ahead, the Ministry of Commerce is devoted to facilitating the execution of this work plan. It aims to support the development zones in broadening foreign investment sources and encouraging reinvestment from foreign-funded enterprises in China.