On November 21, Charge d 'Affaires Yang Han published a signed article entitled "High-quality Development in China Opens Doors for TT" in the Newsday, introducing the current good situation and bright prospects of China's economic development, and combining the latest achievements of China-Trinidad and Tobago economic and trade practical cooperation. It elaborated on the new opportunities brought by China's comprehensive deepening of reform, high-quality economic development and high-level opening up to the outside world for global development and practical cooperation. The full text is as follows:
As the partnership between China and Trinidad and Tobago deepens, fostering enhanced collaboration, Trinidad and Tobago celebrated its fourth consecutive participation in the China International Import Expo (CIIE) this year. The event, held in Shanghai from November 5th to 10th, underscored the commitment of both nations to strengthen their economic ties and explore new avenues for cooperation. The seventh iteration of the prestigious CIIE event attracted nearly 3,500 enterprises from 152 nations, regions, and international organizations. Trinidad and Tobago's national pavilion, covering over 130 square meters, set a new benchmark for Caribbean representation and showcased a diverse range of high-quality products, including premium rum, cocoa, and chocolate, all of which received enthusiastic feedback from visitors. Additionally, businesses from Trinidad and Tobago successfully established procurement agreements with Chinese partners, achieving total orders exceeding one million TTD.
The positive outcomes achieved by Trinidad and Tobago at this year's CIIE reflect the sustained and rapid growth of bilateral economic and trade relations over the past 50 years since diplomatic ties were established. As a longstanding leader in China-Caribbean cooperation, Trinidad and Tobago has witnessed its bilateral trade surge from a modest sum of tens of thousands of U.S. dollars in 1957 to an impressive $1.34 billion in 2023, marking a significant milestone as the first English-speaking Caribbean nation to exceed the billion-dollar threshold. In 2018, Trinidad and Tobago took a historic step by becoming the first English-speaking Caribbean country to join the Belt and Road Initiative (BRI). The region's flagship BRI project, the Phoenix Park Industrial Estate, co-developed by both nations, officially launched earlier this year, positioning itself as a vital catalyst for Trinidad and Tobago’s industrial advancement and economic diversification.
Moreover, China and Trinidad and Tobago are witnessing significant expansions in their economic and trade collaborations, venturing into innovative sectors. In recent years, a number of Chinese automobile brands have made their mark in the local market, quickly establishing a reputation for their high quality and affordability. Additionally, the successful connection of the solar photovoltaic project at Piarco International Airport, built by Chinese Company, to the grid earlier this year marks a milestone as Trinidad and Tobago's first centralized industrial solar initiative. The 25th Trade and Investment Convention, which took place in Trinidad and Tobago in July, served as a platform for over a dozen prominent Chinese companies specializing in cutting-edge industries like artificial intelligence and renewable energy. This event facilitated meaningful exchanges and partnerships with local enterprises, paving the way for tangible benefits for both nations and invigorating the comprehensive partnership between China and Trinidad and Tobago.
In a world where economic growth faces headwinds and instability, uncertainty and unpredictability, China is leveraging its robust foundation, resilience, huge market, and comprehensive industries to drive innovative productivity and achieve stable progress. In the first three quarters of 2024, China's GDP reached 95 trillion yuan, a 4.8% increase year-on-year. The added value and profits of high-tech manufacturing grew by 9.1% and 6.3%, respectively, while investment in high-tech industries maintained double-digit growth for seven consecutive months. According to the World Intellectual Property Organization's latest Global Innovation Index 2024, China has risen to 11th place globally in innovation capability. Furthermore, China leads the world with 62 "lighthouse factories", representing the pinnacle of smart manufacturing and digital transformation, according to the World Economic Forum.
Simultaneously, China's ongoing commitment to high-level opening-up is creating more opportunities for international cooperation. On one hand, foreign trade has maintained its growth momentum, with China's total import and export volume surpassing 32 trillion yuan in the first three quarters of 2024, a 5.3% year-on-year increase. China has become a major trading partner for over 140 countries and regions, including Trinidad and Tobago. Moreover, starting in December, China will grant zero-tariff treatment for 100% of products from the least-developed countries with diplomatic relations, enabling more developing nations to benefit from China's growth and integrate into global economic processes.
On the other hand, foreign investment in China has become increasingly accessible. The negative list for foreign investment has been reduced from 190 items to 31, with restrictions in manufacturing fully eliminated. In 2023, China accounted for 12.3% of global foreign direct investment inflows, maintaining its position as the second-largest destination for foreign investment for three consecutive years. Over the past five years, foreign direct investment returns in China have averaged around 9%, ranking among the highest internationally. More and more foreign investors are recognizing that investing in China is not a risk, but an opportunity—it is an investment in the future.
The Third Plenary Session of the 20th Central Committee of the Communist Party of China introduced over 300 important reform initiatives, underscoring openness as a defining feature of China's modernization. Looking ahead, China remains steadfast in its commitment to high-quality development and high-level opening-up, which will bolster its economic vitality and resilience, thereby contributing to global stability and infusing positive momentum into the world economy. As we commemorate the historic 50th anniversary of diplomatic relations, China is eager to collaborate closely with Trinidad and Tobago to explore new opportunities, deepen political trust, enhance practical cooperation, and reinforce our longstanding friendship, together crafting a new chapter of mutually beneficial development for both nations.
