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English>>China Business

'Foreign investment, capital' spur growth

By Wei Tian  (China Daily)

08:11, September 10, 2012

China should attach more importance to cross-border investment and the development of emerging industries to upgrade its industrial structure, according to trade officials, as a new era of industrial competition reshapes the global value chain.

"The use of foreign capital and outward foreign investment are shortcuts for Chinese enterprises entering the global value chain," said Liu Yajun, director of the foreign investment administration at the Ministry of Commerce, at the China International Fair for Investment and Trade in Xiamen, Fujian province, on Sunday.

"At present, China still has a strong advantage in attracting foreign investment. Outward foreign investment in China is also developing very fast, and has won global recognition," he said.

Liu said having suffered the impact of the 2008 financial crisis, many countries are more careful in how they balance the relationship between the virtual economy and the real economy.

The United States and countries in Europe have launched re-industrialization strategies and called for reshoring by companies in their manufacturing industry, while emerging economies have also increased the intensity of their foreign investment.

"New global competition in the real economy has started," he said.

"Within this battle, we should further strengthen cooperation in cross-border investment to develop the real economy and upgrade the country's economic structure."

He said the Chinese government has always attached great importance to the real economy and the opening-up of the manufacturing sector.

"During the financial crisis, the Chinese government maintained steady economic growth, which we should be pride of.

"But we are not immune to the global financial crisis and have suffered. In this post-crisis era, the competition pressures we face will be even greater."

Liu said adjustments in the country's industrial structure are an important task for China in combating global competition.

To gain an advantage during this latest round of competition, and in developing local manufacturing, China should stress the growing importance of international cooperation, and seek deeper participation in international markets through increased cross-border flows of capital.

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