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China's latest supportive policies will further incentivize foreign companies to expand their operations in the country, government officials and multinational corporation executives said on Monday. |
Given the slowdown in global economic recovery and the decline in cross-border investments, they said these policy measures will promote China's high-quality opening-up by using the advantages of the country's huge and lucrative market, optimize the attraction and utilization of foreign investment, and establish a business environment that is market-driven, legally structured and globally integrated. |
Aimed at improving the environment for foreign investment and attracting more global capital, the State Council, China's Cabinet, issued a 24-point guideline on Sunday. |
The government's commitment to enhancing the environment for foreign investment includes six key areas, such as ensuring the effective utilization of foreign investment and guaranteeing equal treatment of foreign-invested enterprises and domestic enterprises. |
Addressing a news conference in Beijing, Chen Chunjiang, assistant minister of commerce, said these policies will support the operations of foreign companies in China, guide their development and deliver timely services. |
"The Ministry of Commerce will strengthen guidance and coordination with relevant government branches on policy promotion, create a more optimized investment environment for foreign investors, and effectively boost their confidence," Chen said. |
Further steps will be taken to enforce the requirement of treating domestic and foreign-funded enterprises equally in government procurement activities, said Fu Jinling, head of the economic construction department of the Ministry of Finance. |
This is aimed at legally safeguarding the equal participation rights of domestic and foreign-funded businesses in government procurement activities, he noted. |
Eddy Chan, senior vice-president of United States-based FedEx Express, said his company is encouraged by these fresh guidelines, as they will help improve the level and quality of trade and investment cooperation. |
"Looking ahead, we are confident in China and will continue to contribute to enhancing business and trade between the country and the world," said Chan. |
Amid a slowing global economic growth, foreign direct investment in China amounted to 703.65 billion yuan ($96.93 billion) in the first half of 2023, a decline of 2.7 percent year-on-year, data from the Ministry of Commerce showed. |
While China's FDI growth faces challenges, the robust requirement for high-quality goods and services within its super-sized market continues to provide good prospects for global investors, said Wang Xiaohong, deputy head of the information department at the Beijing-based China Center for International Economic Exchanges. |
Rosa Chen, vice-president of Beckman Coulter Diagnostics, a subsidiary of Danaher Corp, a US-based industrial conglomerate, said, "Given the Chinese market's soaring demand, we will continue to accelerate our localization process to quickly respond to the diverse needs of Chinese clients." |
As Danaher's single largest investment project in China, the R&D and manufacturing center of the Danaher diagnostics platform in China will officially be launched later this year. |
Chen, who is also Beckman Coulter Diagnostics' general manager for China, said that with the new guidelines, the company's manufacturing and innovation capabilities will be further enhanced in the country. |
Expressing similar views, John Wang, president of North East Asia and senior vice-president of Signify NV, a Dutch multinational lighting company, stressed that China is one of the group's most important markets, and it has always been its second home market. |
China's latest policies — focused on enhancing technological advancement and fostering innovation, alongside comprehensive reforms and an increased emphasis on opening-up — have provided Signify with a promising preview of numerous favorable and enduring avenues for development within China, said Wang, adding that the company will hold an inauguration ceremony for its largest light-emitting diode, or LED, lighting plant globally in Jiujiang, Jiangxi province, on Wednesday. |
Against the backdrop of a global economic slowdown and subdued cross-border investments, China's high-tech manufacturing witnessed a year-on-year increase of 28.8 percent in actual FDI use between January and June, said Yao Jun, head of the planning department at the Ministry of Industry and Information Technology. |
"This underscores the confidence of foreign companies in investing in China and highlights the long-term growth potential that China's manufacturing sector offers to overseas players," he said. |
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