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China to stabilize foreign capital and expand opening up (2)

(People's Daily Online)    17:05, August 14, 2018

China shows new charm in attracting investment

Sang believes that transnational investment is facing multiple challenges, though there are indications that it could get easier, such as geopolitics, as well as the unilateralism and protectionism of some countries. He said that attracting investment on the global market will be a fiercer competition. “This has aggravated the complexity and uncertainties of stabilizing foreign investment in the second half of this year,” he added.

“Thanks to a series of opening measures that have established new charm in attracting foreign investment, China will perform well in stabilizing foreign capital,” said Bai Ming, deputy director of the Ministry of Commerce of the International Market Research Institute.

Larger opportunities on the market

British Petroleum announced plans at the end of July to invest $10 million in its Chinese partners who will build an ecosystem for new energy vehicles (NEV), including NEV-related technologies, new energy infrastructure, and smart vehicle systems. The company has seen the great potential of China’s green transportation and is willing to participate in it.

China still has huge potential in domestic demand. The Chinese market is not only expanding its size, but also upgrading its structure. With increasing per capita income, “new consumption” is driving demand. The Chinese will need more quality information, medical, health, financial and cultural services. Transnational companies have established their advantages in these areas and enjoy broad prospects.

A broader range of investment

The ICBC Ansheng Life Insurance-initiated ICBC Ansheng Asset Management Co., Ltd was approved by the China Insurance Regulatory Commission in May 2018. It was the first joint-venture approved in China after the country proposed to expand the opening up of the financial sector.

The international foreign exchange service provider, WorldFirst, submitted an application to China's central bank to enter the country's booming third-party payment industry. It indicated that China has opened up its third-party payment industry to foreign capital.

As China pushes forward with opening up, foreign capital will enter more areas across China. Zhang Yansheng, a chief research fellow with the China Center for International Economic Exchanges, said China will fulfill its commitment by opening up further to the world. The country has taken a slew of measures to open up areas such as its consumer market, manufacturing industry, and service industry, making foreign companies feel more assured investing in China.

A better business environment

In June, China began allowing business filing and business registration to be processed at the same time. Foreign enterprises can now finish the two procedures online at the same time with no charge. China sees more than 30,000 newly-established foreign firms every year; simplifying the procedures for setting up foreign-invested businesses is vital to attracting more foreign investment in the future.

From issuing favorable policies to improving its business environment, China has protected the legitimate rights of foreign enterprises in China through docking its economic and trade rules to that of the world, while also increasing market transparency. These measures will offer more benefits to foreign enterprises and make them operate more efficiently with stronger momentum.


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