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China Vows to Facilitate More Foreign Investment
The Chinese government will improve its law, policy, administration and market environment for foreign investors, said Sun Zhenyu, vice minister of Foreign Trade and Economic Cooperation in a keynote speech at the ongoing China Western Forum Wednesday.
Sun said in accordance with the rules of World Trade Organization, which China is expected to join soon, the government will speed up amending and setting laws related to foreign affairs such as the patent law in a bid to protect foreign investors' rights and interests.
Meanwhile, the approval procedures for foreign investment projects will be simplified and a more transparent policy environment is to be offered by the government.
As for the market, the vice minister promised to cut any indiscriminate charges to foreign-funded companies and to stop local protectionism to create a more open and fair competition atmosphere.
Statistics show that as part of China's opening up policy, the policy of attracting overseas investment has largely contributed to the country's economic growth. By the end of July, there were 378,000 foreign-funded companies, involving 700 billion U.S. dollars in contractual investment.
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