Chinese President Xi Jinping embarked on an inspection tour of Central China’s Hunan Province, focusing on efforts to accelerate the development of new quality productive forces and promote high-standard opening-up.
This marks President Xi’s first domestic inspection tour since the conclusion of the two sessions, China’s annual legislative and political consultative sessions. The trip highlights the significance he places on these economic initiatives and underscores the potential of Hunan and the broader Central China region for high-quality development.
During his visit, President Xi inspected various sites in Changsha and Changde, learning about initiatives ranging from educational endeavors to urban management and agricultural preparations. This emphasis on innovation and opening-up aligns with China’s policy priorities set during the two sessions, aimed at fostering high-quality development and modernizing the industrial system.
Chinese economists interpret President Xi’s tour as a tangible effort to advance the formation of new quality productive forces, crucial for China’s sustainable development. Recent data indicates progress in this direction, with notable growth in high-tech manufacturing and investment in major equipment manufacturers.
Simultaneously, China continues to prioritize high-standard opening-up, with measures outlined in the Government Work Report and further detailed in recent action plans from the State Council. These initiatives aim to attract foreign investment by expanding market access and providing policy support for international businesses.
President Xi’s visit to BASF Shanshan Battery Materials Co., a joint venture between BASF and Chinese lithium battery materials maker Shanshan Corp, exemplifies the opportunities for global businesses in China. BASF’s significant presence in China underscores the country’s importance as a market for international companies.
Economists highlight the potential of Hunan and the broader central and western regions in forming advanced industries, particularly in emerging sectors like new-energy vehicles and clean energy. Hunan’s recent achievements in R&D investment and trade growth, including robust trade with Belt and Road Initiative partners, reflect its increasing role in China’s economic landscape.
President Xi’s inspection tour reaffirms China’s commitment to innovation-driven development and high-standard opening-up, offering opportunities for both domestic and international stakeholders to participate in and benefit from the country’s economic growth trajectory.