An aerial view of Wuxi. [Photo/Wuxi Daily]
Wuxi in East China's Jiangsu province experienced rapid growth in its open economy in 2022, Wuxi Daily reported on Dec 31.
In the first 11 months of the year, the city's imports and exports reached 676.63 billion yuan ($98.08 billion), a year-on-year increase of 10 percent, while its actual utilization of foreign capital totaled $3.68 billion, up 15.4 percent year-on-year and ranking third in Jiangsu.
The city's contracted foreign investment surged 223.8 percent year-on-year during the same period to $3.98 billion, ranking first in the province.
Representatives of Wuxi businesses pose for a group photo before boarding the chartered plane to Europe. [Photo/Wuxi Daily]
Over the past year, Wuxi has rolled out 20 measures to stabilize and improve foreign trade and selected outstanding foreign-funded businesses to shore up the confidence of foreign investors.
To help local enterprises expand in overseas markets, local authorities have hosted briefings on trade and investment in Pakistan, Malaysia, and Cambodia, arranged for them to participate in events such as the 19th China-ASEAN Expo, and chartered planes to Japan and European countries for more opportunities.
Wuxi Customs officers inspect foreign trade cargo. [Photo/Wuxi Daily]
Wuxi businesses have also taken full advantage of the Regional Comprehensive Economic Partnership agreement that took effect in Jan 2022. For example, WuXi AppTec set up three companies in Singapore to improve its global operation network and increase its presence around the world.
From January to November, Wuxi's trade with RCEP members increased 11.4 percent year-on-year and accounted for 43.3 percent of its total foreign trade.
Wuxi Customs issued 8,993 RCEP certificates of origin to cargo worth $397 million in the Jan-Nov period, exempting businesses from $8 million in tariffs.
