China to Introduce US$70bn Foreign Capital This Year

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Last updated at: (Beijing Time) Thursday, September 04, 2003

China to Introduce US$70bn Foreign Capital This Year

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This year China will introduce a total amount of 70 billion US dollars foreign capital, being continuously the world's top foreign investment importer, as is known from Chinese officials at the central and western Asia economic and trade cooperation forum, September 1.

China needs a great amount of fund for its economic construction, which mainly depends on domestic capital accumulation but also needs continuous introducing of overseas capital, said Tong Zhiguang, director of the China Society for WTO Studies and a member of the standing committee of the National People's Congress (NPC). In 2002 China ushered in more than 50 billion US dollars, becoming the world top capital importer.

The gradual improvement of legal systems of the nation's market economy has laid foundation for China's merging into the world, said Tong, and China's needs for economic construction also push it towards the international stage.

China's WTO entry not only seized historical opportunity, pushed the nation's reform and opening up, but made full use of the opportunity to inject new energy into the country's economic development, Tong said.

By PD Online Staff Li Heng

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