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China to help firms investing abroad

(China Daily)

10:46, September 09, 2011

BEIJING, Sep. 9 (Xinhuanet) --Chinese firms need a more "open and convenient" global investment climate and the government will introduce measures to help companies invest internationally, the country's top commerce official said on Thursday.

The government will launch more measures to aid companies investing overseas and create a win-win situation for both China and other countries, Minister of Commerce Chen Deming said at the International Investment Forum 2011 in Xiamen, Fujian province.

The forum is part of the five-day 15th China International Fair for Investment &Trade that started on Wednesday.

"Some developed nations have tried to block Chinese investment citing national security," Chen said. "This does not help efforts to combat the global financial crisis."

One prime example of this involved China's leading telecom provider, Huawei. The company was blocked from a series of overseas deals, in 2008 and 2010, amid concerns in the US over national security.

Despite obstacles, China overtook Japan and the United Kingdom in 2010 as the fifth-largest overseas investor.

"China's outbound direct investment (ODI) has created huge benefits for both China and other nations," Chen said.

By the end of 2010, China's total ODI was $317.2 billion, the 17th largest, with investments in 178 nations and regions.

Even with political challenges, there are growing opportunities for Chinese companies to invest overseas, officials and experts believe.

Foreign officials attending the fair said that they welcomed Chinese investment.

"China has become the largest development partner and an important investor in Sri Lanka, especially in infrastructure projects," D.M. Jayaratne, Sri Lankan prime minister, said.

"There are plenty of opportunities and areas that we can exploit for our mutual benefit.

"Sri Lanka offers a wide variety of investment opportunities and incentives to foreign companies."

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