The State Council, China's cabinet, has approved on August 15 the establishment of an inland open economy pilot zone in Southwest China's Guizhou Province.
According to the official document, the pilot zone in Guizhou will actively participate in the construction of the Belt and Road, development of Yangtze River Economic Belt and international industrial capacity cooperation, explore new method and accumulate new experience for developing poor areas, fulfilling poverty lifting targets, and realize integrated development of ecological environment and economy under the "new normal" of economy in China's inland areas.
During 2011-2015, Guizhou Province fully expanded its opening-up and maintained fast growth in foreign trade, actual use of foreign investment, and outbound investment. According to statistics from Guizhou Provincial Bureau of Commerce, actual foreign investment in Guizhou amounted to 2.5 trillion yuan in 2011-2015. During the five years, Guizhou introduced 134 of the world top 500 enterprises to settle down, and accumulatively approved 744 foreign-invested projects.
In 2016-2020, Guizhou will actively involve in the Belt and Road construction and development of Yangtze River Economic Belt, and strengthen communication and cooperation with U.S., Germany, Swiss, the Republic of Korea, ASEAN, Hong Kong, Macao, and Taiwan.
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