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The Evolution, Major Features and Achievement of CIFIT
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2008-6-20 16:17:00 |
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China International Fair for Investment and Trade (CIFIT), approved by the State Council of the People’s Republic of China, is sponsored by China’s Ministry of Commerce(MOFCOM), and co-sponsored by the United Nations Conference on Trade and Development (UNCTAD), United Nations Industrial Development Organization (UNIDO), Organization for Economic Cooperation and Development (OECD), the International Finance Corporation (IFC) of the World Bank, World Association of Investment Promotion Agencies (WAIPA), the China Council for International Investment Promotion (CCIIP). CIFIT is organized by Fujian Provincial Government, Xiamen Municipal Government, and the Invest Promotion Agency of the Ministry of Commerce. The governments of China’s 31 provinces, autonomous regions and municipalities directly under the Central Government, and the governments of some semi-provincial level cities with autonomy in economic administration, as well as related national agencies and some national chambers of commerce and trade associations, are represented at the fair as member organizations.
CIFIT is currently China’s only nationwide international investment promotion event aimed at promoting two-way investment. It’s also presently the world’s largest international investment promotion event. Themed on “attracting FDI” and “going global”, CIFIT provides a platform for domestic and overseas investment cooperation through exhibitions and project matchmaking. Centered on the orientation of China’s policies on the attraction and utilization of foreign capital and policies on encouraging Chinese enterprises to “going global”, CIFIT hosts the “International Investment Forum” and dozens of symposiums on hot topics relating to investment. Moreover, CIFIT invites a significant number of overseas government agencies, chambers of commerce, trade associations and enterprises to promote their policies on attracting foreign capital, their investment environment and to explore business opportunities, providing a platform for international investment cooperation.
CIFIT has been an annual event during September 8-11 in Xiamen since 1997, whose predecessor was Fujian Investment and Trade Fair having been staged 10 times in Xiamen.. CIFIT presents a brand-new model for international investment promotion, has evolved into a highly influential investment promotion platform in the international arena, strongly enhancing China’s efforts to seek foreign capital and the implementation of its opening-up strategies and stimulating the vigorous growth of conventions and exhibitions centered on investment promotion. CIFIT has also provided a strong stimulant for investment cooperation between China and other developing nations, demonstrated the Chinese Government’s sincerity in promoting common development and prosperity, and effectively enhanced economic and trade exchanges and cooperation across the Taiwan Straits. Moreover, it showcases the positive image of China as a nation persevering in reform and opening-up and pursuing common development and prosperity by expanding investment cooperation which has strongly enhanced China’s international standing.
I. Evolution of CIFIT
The history of CIFIT is an epitome of China’s reforms and opening-up drive over the past 3 decades. This year will witness the 12th CIFIT. If we count in the 10-year history of the Fujian Investment and Trade Fair, CIFIT has been evolving for 20 years. Over the past two decades, in line with China’s macro guidelines on reforms and opening-up, CIFIT has endeavored to adjust itself to the evolving national and international economic landscapes, fine-tuned its themes and contents in a timely manner, and grown from its origin as a regional economic and trade activity to its current status as the world’s most influential international event on investment promotion.
In 1987, Fujian ushered in the eighth year its reform and opening-up drive as one of the first regions in China to enjoy “special” policies. At that time, the desire to open up to the outside world could be felt in every part of Xiamen Special Economic Zone. Soon, a trade fair was proposed to promote business and attracts foreign investment. Shortly afterwards in September 8, 1987, four cities – Xiamen, Quanzhou, Zhangzhou and Longyan, joined hands to stage the “Fair of South Fujian Golden Triangle on Foreign Investment and Trade” in Xiamen. This is the origin of today’s China International Fair for Investment & Trade.
In 1991, the Ministry of Foreign Trade and Economic Cooperation of the PRC designated Xiamen as one of the international business promotion cities for staging port-level trade fairs. Thus, the Fujian Investment and Trade Fair was upgraded from a provincial fair to a port fair, with several provinces rather than Fujian alone engaged as organizers. From then on, the Fujian Fair had its international recognition expanded rapidly, with a steady annual growth in the number of participating foreign business people, visitors and project signed, as well as the amount of secured investment.
In 1997, which started a new age of CIFIT, the Fujian Investment and Trade Fair received another boost. The Ministry of the Foreign Trade and Economic Cooperation of the PRC upgraded it to the China International Fair for Investment and Trade and became its sponsor for all-round efforts to build this nationwide international investment promotion event. Thus, the CIFIT turned into an authoritative platform for China to attract foreign investment, entering into a fresh phase of vigorous growth.
The year 1998 marked a milestone in China’s reform and opening-up drive. In this particular year, China’s guidelines and policies on deepening reforms, expanding opening-up and utilizing foreign capital were progressively implemented. The National Work Conference on Foreign Capital Utilization identified a path forward for China to utilized foreign capital in a more proactive, rational and efficient manner. Against this macro background, the 2nd CIFIT featured a more prominent and appealing theme. Business solicitation and investment attraction and its influence was considerably expanded. The governments of China’s 31 provinces, autonomous regions and municipalities under the direct administration of the Central Government, and the governments of some semi-provincial level cities with autonomy in economic administration, as well as related national agencies and some national chambers of commerce and trade associations, were represented at the fair as member organizations.
In 2000, CIFIT firstly separated investment from trade and launched the “International Investment Forum”, which drew distinguished personages in the international community and prominent political figures from foreign countries as a result, CIFIT’s internationalization sped up. In 2002, the World Association of Investment Promotion Agencies (WAIPA) joined in the organizing and promotional work of the CIFIT as its first co-sponsor, followed by the United Nations Conference on Trade and Development (UNCTAD), the United Nations Industrial Development Organization (UNIDO), the International Finance Corporation (IFC) of the World Bank, and the Organization for Economic Cooperation and Development (OECD). In 2006, the newly-formed China Council for International Investment Promotion (CCIIP) officially joined as the first domestic co-sponsor, hitting the number of co-sponsors to six.
In March 2005, CIFIT was officially approved by the Union des Foires Internatinales (UFI), becoming the world’s only UFI-approved fair in the investment promotion category. In the same year, the “ASEM Trade and Investment Exposition” was he |
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