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The 6th China-Japan-South Korea Business Conference and the inaugural RCEP Industry Cooperation Event is held in Shaoxing, Zhejiang province on Dec 11. [Photo provided to ezhejiang.gov.cn]

The 6th China-Japan-South Korea Business Conference and the first RCEP Industry Cooperation Event opened in Shaoxing, Zhejiang province on Dec 11, bringing together over 300 representatives from countries participating in the Regional Comprehensive Economic Partnership, including China, Japan, and South Korea.

The conference witnessed the signing ceremony for 12 significant projects, including the industrialization of third-generation semiconductor materials and intelligent control components for new energy vehicles. The total investment for these projects amounts to approximately 9 billion yuan ($1.25 billion).

The conference also featured a special exhibition on RCEP industrial cooperation, showcasing developments in life and health, modern textiles, digital trade, and rural revitalization.

Manufacturers, traders, and investors from RCEP countries were invited to explore and exchange ideas, providing a platform for information sharing and injecting new vitality into Shaoxing's key industries.

Shaoxing has hosted the China-Japan-South Korea Business Conference for six consecutive years.

The conference aims to seize major opportunities such as the Belt and Road Initiative and the effective implementation of the RCEP, expanding the scope of exchanges and enhancing cooperation levels among the three countries.

In the first three quarters of this year, imports from RCEP countries amounted to 13.83 billion yuan, a year-on-year increase of 100.47 percent. Exports to RCEP countries reached 70.7 billion yuan, marking a 19.2 percent year-on-year growth.

The economic cooperation between Shaoxing, Japan, and South Korea is characterized by mutual complementarity and benefit.

Shaoxing has actively engaged in economic and trade cooperation with Japanese and South Korean enterprises, attracting high-quality businesses in the fields of textiles, chemicals, and general equipment.

Since the introduction of the Belt and Road Initiative, an increasing number of Japanese and South Korean enterprises have invested in and established businesses in Shaoxing.

Currently, Shaoxing is home to 225 Japanese-funded enterprises and 399 South Korean-funded enterprises. The city's exports to Japan and South Korea have grown from 8.01 billion yuan in 2013 to 15.07 billion yuan in 2022, with an average annual growth rate of 9.8 percent.

With the implementation of the RCEP agreement, economic and trade exchanges have experienced rapid growth, with Shaoxing's exports to Japan and South Korea increasing by 15.83 percent in 2022.