People attend the opening ceremony of the Sixth Western China International Fair for Investment and Trade in southwest China's Chongqing Municipality, May 23, 2024. (Xinhua/Wang Quanchao)

A record high of 196 major projects were signed at the 6th Western China International Fair for Investment and Trade, which kicked off on Thursday, with projects from 12 countries and regions to be established in the western region of China.

The four-day event in southwest China's Chongqing Municipality marks the first fair of its kind after the symposium held on April 23 on boosting the development of China's western region in the new era. It signals China's strong commitment to expanding opening up and cooperation.

The fair sees the participation of more than 1,700 enterprises from 40 countries and regions, including Walmart and Continental AG, and from 27 provincial-level regions in China. The attendees also include leaders and experts from international and domestic trade associations.

The western region of China, which accounts for about two-thirds of the country's land area, boasts significant advantages in costs of production factors and development potential. In 2023, the total import and export volume of western China reached 3.7 trillion yuan (about 511 billion U.S. dollars), a 37 percent increase compared to 2019.

The 12 foreign investment projects with a total contract value of over 26.7 billion yuan span various fields, including intelligent connected new energy vehicles, smart equipment and intelligent manufacturing, and modern finance. Countries and regions such as Russia, Spain and Japan are actively involved.

For instance, Japanese company AFC-HD AMS Life Science Co., Ltd. will invest in building a production and manufacturing base that covers about 12.67 hectares in the Bishan District of Chongqing. The facility will include raw-material processing lines, and production lines for health products, food, cosmetics and pharmaceuticals, thereby boosting the development of Bishan's life sciences industry.

Alexander Turchin, chairman of the Executive Committee of the Minsk Region, Belarus, said that opening up leads to mutual benefits. He expressed the hope to further expand cooperation between the two countries in trade, investment, industry, energy, culture and tourism, and invited Chinese companies to invest and operate in Minsk.

Zhai Kun, a professor at the School of International Studies at Peking University, said, "China, in line with the historical trend of economic globalization, is steadfast in expanding opening up, sharing the development opportunities brought by economic growth, and injecting continuous momentum into the complex and severe global economy."

People visit the Sixth Western China International Fair for Investment and Trade in Chongqing International Expo Center in southwest China's Chongqing Municipality, May 23, 2024. (Xinhua/Wang Quanchao)

The projects signed at the fair also highlight the characteristics of new quality productive forces, with strategic emerging industries, including new energy, new materials and next-generation electronic information, accelerating their presence in the region. These projects cover various new fields, such as portable energy storage batteries, new alloy materials and new nano materials.

Among those signing agreements is HeyGears, a Guangzhou-based unicorn enterprise focused on 3D printing applications and digital intelligent manufacturing technology. The company plans to establish a 3D-printing equipment and product manufacturing center in Chongqing, and will jointly set up key laboratories for artificial intelligence and big data.

The fair this year also features a focus on addressing the infrastructure gaps and facilitating the smooth and efficient flow of production factors in the western region of China, with projects signed that cover the energy, transportation and technology sectors.