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Home >> Opinion
UPDATED: 15:57, December 03, 2004
Attracting foreign investment China's long-standing policy
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Chinese Commerce Minister Bo Xilai said Thursday in Beijing that over the 26 years of the reform and opening up the Chinese government has stuck to the guideline and policy of actively, reasonably and efficiently attracting foreign investment, which has boosted the leapfrog development of the Chinese economy. Actively attracting foreign investment is China's long-standing policy. Bo Xilai make the above remarks at the 13th Joint Meeting of China-Japan Investment Promotion Organizations. He said since the start of the reform and opening up the Chinese government has always made attracting foreign investment an important part of the opening up to the outside. The level of attracting foreign investment keeps improving. The structure and quality of foreign investment are optimized continuously.

Until the end of October foreign-invested enterprises in China have exceeded 250,000. Foreign investment in place has topped $550 billion. Of the 500 worldwide largest multinationals 450 have made investment in China. Of them more than 30 have set up regional headquarters in China.

The function of attracting foreign investment in promoting the national economy has increased considerably. In 2003 investment in fixed assets by foreign-invested companies accounted for about 11 percent of the total social investment in fixed assets in China; the industrial added value made up 28 percent of the total amount nationwide; the export volume contributed to 55 percent of the total volume in the country. Direct employees in foreign-invested enterprises have exceeded 23.5 million, which were 10 percent of non-agricultural working population nationwide. Bo Xilai said the rapid development of the Chinese economy has created greater development space for the investment in China by foreign businessmen. China's import would exceed $500 billion this year, he said It is estimated that by the year 2020 domestic output in China would top $4 trillion and domestic retail volume of consumer goods would reach $2.5 trillion.

He said China would strive to maintain the stability and continuity of the policy to attract foreign investment; earnestly keep the promises it made when joining the WTO; further expand the opening up to the outside; widen the areas where foreign investment is encouraged; attract more investors who deem China the first-choice region which undertakes service outsourcing; actively guide foreign businessmen to invest in China's west regions and the old northeast industrial bases; continue to standardize administrative conduct; enhance the protection of intellectual property rights in order to create sound investment environment for foreign businessmen.

When talking about the China-Japan investment cooperation Bo Xilai said the investment cooperation between the two countries has made gratifying achievements. By the end of October Japan has invested in 31,000 projects in China with actual investment of $46.1 billion. Judging by actual investment Japan is the third largest source country to invest in China. The investment cooperation between China and Japan has great complementarity and potentials. It is hoped that companies in China and Japan would further enhance cooperation and keep opening up new aspects of cooperation between the two countries.

About 300 delegates from the Chinese government, the Japanese government and business circles attended the meeting.

By People's Daily Online

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