The China Industrial Transfer and Development Matchmaking Activities (Gansu) kicks off in Lanzhou, Northwest China's Gansu Province on October 27, 2024. Photo: Xinhua

The China Industrial Transfer and Development Matchmaking Activities (Gansu) kicked off on Sunday in Lanzhou, Northwest China's Gansu Province, during which agreements valued at more than 300 billion yuan ($40.98 billion) are expected to be signed, according to the Xinhua News Agency. 

This event, co-hosted by China's Ministry of Industry and Information Technology (MIIT) and Gansu's provincial government, is part of the nation's efforts to promote more balanced regional development, further unleashing growth opportunities for central and western regions of the country.

Agreements covering 195 projects are expected to be signed at the event, involving sectors such as new energy, equipment manufacturing, petrochemicals, biopharmaceuticals and non-ferrous metallurgy.

"Promoting development in China's western regions has a long history, and this event marks another proactive effort by local governments to further advance this initiative," Li Chang'an, a professor at the University of International Business and Economics in Beijing, told the Global Times on Sunday.

Li noted that past efforts to promote development in the western regions primarily focused on financial and talent support, with some attempts at industrial collaboration. Now, the emphasis is on industrial alignment, utilizing tiered transfers and partnerships to build a modernized industrial system that leverages the unique strengths of regions like Gansu, Li said.

The central government recently issued a directive to facilitate the orderly transfer of capital, technology and labor-intensive industries from eastern regions to central and western areas, as well as from major cities to inland regions, according to media reports.

Many regions have actively responded to the central government's directive this year to facilitate the orderly transfer of key industries, formally launching initiatives to support industrial relocation and development.

In September, Northeast China's Heilongjiang Province carried out industrial transfer and development matchmaking activities, resulting in 172 projects signed at the opening ceremony with a total value exceeding 250 billion yuan, according to Heilongjiang Daily. These projects span sectors such as the digital economy, aerospace, high-end equipment, new materials, biopharmaceuticals and smart agricultural machinery.

Similar activities took place in Southwest China's Yunnan Province in September, attracting high-profile participants, including companies from the Fortune Global 500, China's Top 500 and leading private enterprises.

China's western regions are pivotal to the country's future industrial development, especially when it comes to establishing a robust and secure industrial chain, Li said, noting that the western regions hold unique strengths in areas such as green development, complementing the eastern region and fostering coordinated growth across the national industrial landscape.

Since the beginning of this year, the MIIT has organized six industrial transfer and development docking activities with the provinces in the western and northeastern regions, drawing the participation of more than 5,500 companies and promoting the continuous expansion of the scale of China's industrial transfers.