NANNING, Nov. 23 (Xinhua) -- The 2024 World Forestry Industry Conference kicked off on Saturday in Nanning, the capital city of south China's Guangxi Zhuang Autonomous Region, witnessing the signature of 35 contracts with a total value of 19.4 billion yuan (about 2.7 billion U.S. dollars).

The two-day conference focuses on innovation as a driver of high-quality development in the forestry industry. It has brought together representatives of forestry authorities, international forestry organizations and renowned global companies, and attracted the participation of nearly 1,100 companies.

By 2023, China's forest coverage rate had exceeded 25 percent, with a forest stock volume of over 20 billion cubic meters, Guan Zhi'ou, head of the National Forestry and Grassland Administration, said during the opening ceremony.

The total output value of the Chinese forestry industry exceeded 9 trillion yuan last year, making China the world's leading country in forestry production, trade and consumption, Guan said.

An exhibition showcasing global forest products has been held as part of the conference, spanning an area of 50,000 square meters and attracting 1,075 companies to participate.