Xinhua Insight: China-Eurasia Expo spurs Xinjiang's economic development

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As the China-Eurasia Expo (CEE) enters its second day, discussions continue on China's ambitious plans for a modern Silk Road economic belt in the country's northwest.

The fourth CEE opened in Urumqi, capital of Xinjiang Autonomous Region, on Monday, drawing the most participants in the event's short history with roughly 25,000 participants from China, 60 foreign countries and four international organizations.

The six-day international event has been credited with helping transform the fortunes of Xinjiang, attracting investments and projects to the region.

In 2013, some 1,000 domestic projects worth over 700 billion yuan (114 billion U.S. dollars) were signed at the CEE. Foreign trade volume totaled about 5 billion dollars, according to organizers.

With the building of the Silk Road economic belt high on the agenda this year, the expo is raising hopes that it will bring Xinjiang's economic development to a new level.

XINJIANG'S NEW ECONOMIC ENGINE

Previously known as the China Urumqi Foreign Economic Relations and Trade Fair, the expo was upgraded to an international event in September 2011 after 19 years as a regional fair.

The change elevated its popularity, with more business people from neighboring countries traveling to the region seeking opportunities. According to organizers, more than 30 countries took part in the first CEE, with foreign trade volume hitting 5.51 billion dollars.

The fair has gained increasing international popularity since. In 2013, the CEE welcomed seven global organizations alongside participating countries as it marked the third event.

Aiming to draw regional economies together to discuss development strategies, this year's expo will hold a host of significant forums to boost exchanges in terms of politics, economy, trade and energy, according to Li Jingyuan, head of Xinjiang International Expo Administration.

"Forums focusing on the Silk Road economic belt, technical innovation, China's homegrown Beidou Navigation System will certainly play a significant part in enhancing economic exchanges and draw more investments to Xinjiang," Li said.

He said discussions on Xinjiang's fruit industry would be particularly beneficial, as the region boasts a geographical advantage.

"Experts from China, Russia, Kazakhstan and others will exchange ideas on fruit plantation as well as fruit market potential, or even sign contracts, which will provide a golden opportunity for Xinjiang's fruits to go global," Li added.

But the opportunity for investors or those seeking investment is not limited to one industry, he added.

At last year's expo, the Xinjiang Production and Construction Corps, a semi-military administrative body, managed to secure domestic projects worth 221 billion yuan.

Pan Li, head of Xinjiang Tianhonglihao Investment Co., Ltd., invested a total of 10 billion yuan into a building project in Wujiaqu City last year. The project boasts tourism resources, commercial and residential areas, as well as entertainment venues.

"One of the reasons that I decided to invest in Xinjiang is that I see a promising future in this beautiful land," Pan told Xinhua.

PROMISING FUTURE ON SILK ROAD

During the opening ceremony on Monday, Chinese Vice Premier Wang Yang vowed to support the construction of the Silk Road economic belt, which was proposed by Chinese President Xi Jinping during his visit to Central Asia in September 2013.

The Silk Road economic belt aims for cultural revival of the Silk Road, which historically links China with Central Asia and Europe, as a way of developing political and economic ties. The revival project involves more than 40 Asian and European countries with a combined population of 3 billion.

Xinjiang is home to China's western-most section of the Eurasian Land Bridge, a transcontinental rail route connecting east Asia and west Europe.

It connects Pakistan, Mongolia, Russia, India and four other central Asian countries with a borderline extending 5,600 km, giving it an easy access to markets in the Eurasian heartland. Urumqi is where the Silk Road once threaded through.

Xinjiang is sparing no efforts in building itself into a core hub of transportation, trade, finance, culture and healthcare services along the belt, said Zhang Chunxian, Xinjiang's Communist Party chief, adding that the region is willing to work with countries in Eurasia to reach common prosperity.

Wang Ning, a research fellow with the economy research department of Xinjiang Academy of Social Sciences, said the CEE is and will continue to be an economic impetus for the region, particularly amid Xinjiang's growing influence on the Silk Road economic belt.

"With all the advantages under its belt, the region is definitely seeing a bright future," Wang said. Endi

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