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China remains most attractive country for foreign investment
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16:42, June 04, 2009

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Despite the continuous impacts posed by the financial crisis, many multinational corporations remain optimistic about China's market and are increasing their investment in China.

Over 80 percent of US enterprises are optimistic about the outlook of their operations in China in the coming five years, and 73 percent plan to expand their investment in China, according to a report released recently by American Chamber of Commerce in China. By the end of April, the cumulative number of foreign-funded enterprises in China had reached 666,000, with actual utilized investment of 883.08 billion USD. According to a report issued by United Nations Conference on Trade and Development (UNCTAD), China will remain the most attractive destination country for foreign investment.

Siemens has pumped almost 190 million USD of additional investment into its China headquarters in order to further expand production and operational activities in the alternative energy sector; US-based Genzyme Corporation is investing 99 million USD into the research and development (R&D) and laboratory production of biotechnology materials in China; PCR Investment Japan Corporation will inject 361 million yuan worth of funds to set up a new joint venture with Sinopec; Nokia announced it will fully support the development of 3G networks in China.

The financial crisis directly led to a sharp decline in global transnational direct investment meanwhile hurting foreign investment in China. However, China timely adjusted policies and adopted a series of initiatives, such as maintaining financial stability and promoting the revitalization of industries and the advancement of technological innovation, so as to create a sound investment environment and provide foreign companies with new opportunities and room for development.

To ease the burden on foreign companies, commerce authorities have conducted a general clean-up of administrative charges and regulated inspection activities relating to foreign investment; efforts have been made to improve administrative efficiency and deepen reform of the foreign investment management system in order to shorten approval procedures making them less time consuming.

China has been active in directing foreign companies to invest in industries involving high-end and new technology, advanced manufacturing, energy-saving and environmental protection and modern services. China is encouraging foreign companies to get involved with crop and livestock farming and the further processing of agricultural products that feature high technological content, high added value, and with the capacity to increase farmer's incomes. China is driving foreign enterprises to engage in the international service outsourcing sector and vigorously participate in various investment projects that the central government has arranged to boost domestic demand, as well as supporting the consistent improvement of the function of multinational companies' regional headquarters in China.

Effective policies, stable economic growth, huge market size and labor force advantage have fueled the confidence of multinational companies, which are continuing to "extend olive branches" to China.

By People's Daily Online


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