More provinces are running fairs to further attract and utilize foreign investment

(Global Times) 10:23, April 03, 2024

China is doubling down on efforts to attract foreign investment as more provinces are running fairs to further attract and utilize foreign investment over coming days, reflecting China's determination to further opening-up.

China's recent measures related to opening-up and upcoming events have offered a clear path forward for operation and investment in China, according to multiple CEOs from global companies when contacted by the Global Times, and Chinese market watchers said that China's attraction to foreign investment remains strong.

Guangzhou, South China's Guangdong Province will hold a global investment conference from April 8 to 9. Focusing on developing new quality productive forces, the conference has attracted more than 2,000 guests including representatives from more than 300 global companies, and they will conduct communications around digital economy, green energy, intelligent manufacturing and biomedicine, according to the Guangzhou Municipal Commerce Bureau on Tuesday.

The upcoming China International Consumer Products Expo, which will be held from April 13 to 18 in Haikou, South China's Hainan Province, is expected to welcome more than 3,000 brands from 59 countries and regions.

The event will be China's first significant international expo this year, as the country continues to promote consumption growth, according to the Ministry of Commerce (MOFCOM).

These activities have sent a clear signal that the Chinese government welcomes and supports foreign investors to invest in China, Guo Tao, an industry analyst told the Global Times.

China not only shows the potential and opportunities of its market, but also its determination to improve the business environment and strengthen international cooperation. This has a positive effect on enhancing the investment willingness of multinational companies, Guo added.

Those events also came after a series of activities of promoting high-quality opening-up by Chinese governments following the China Development Forum concluded on March 25 which attracted around 400 guests from global companies and institutions.

On April 1, MOFCOM held a roundtable in Chongqing with 26 foreign companies including Intel and BASF, after a roundtable was held with 12 Danish enterprises in Beijing on March 29.

MOFCOM vows to promote the development of Danish enterprises in China on the back of supportive policies, and Danish representatives also expressed optimism about Chinese market potential and were committed to further strengthening investment and cooperation with China.

Chinese experts also said that high-tech and high value-added industries have become a new driving force for the transformation and upgrade of China's economy, which provides new investment opportunities for foreign capital.

Mats Harborn, president of Scania China Group told the Global Times that the company is developing deep relationships with Chinese suppliers to tap into the exciting, new technological innovations happening in China, such as electrification, autonomous driving and connected intelligent vehicles.

French multinational software company Dassault Systèmes said that Chinese government's recent initiatives to attract foreign investment and improve the business environment have bolstered their confidence in China's market potential.

By closely collaborating with our Chinese partners and leveraging our expertise in digital technologies, we aim to transform challenges into opportunities, said Samson Khaou, Executive Vice President for Asia-Pacific at Dassault Systèmes.

A number of foreign investors are also expanding in the Chinese market, reflecting confidence in China's economic growth.

On March 27, US memory chip giant Micron Technology's new plant in Xi'an, Northwest China's Shaanxi Province officially broke ground.

Apple opened its new store to large crowds in Shanghai on March 21 with a reported impressive investment of over 83.4 million yuan ($11.54 million). On the same day, Panasonic signed a deal to produce eco-friendly integrated circuit products in Suzhou, East China's Jiangsu Province. Pharmaceutical company AstraZeneca on March 1 announced to invest $475 million in a new drug factory in Wuxi, Jiangsu Province.

To further attract foreign investment, in March, China's State Council, the cabinet issued 24 measures, which included targeted moves including expanding market access in the high-tech and financial sectors, facilitating cross-border data flows and promoting international business travel.

"The action plan demonstrates the government's determination to remain an integral part of the global economy, which bodes well for foreign investors engaging in long-term business in China," Harborn said.

China is opening wider and wider to the world, and China's mega-market will bring enormous opportunities to the world. Our message to businesses around the world: invest in China, flourish in China and succeed in China,Wang Wenbin, a spokesperson for Chinese Foreign Ministry said on Tuesday.

In the first two months of 2024, China's high-tech manufacturing has utilized 28.27 billion yuan of foreign capital, up 10.1 percent from a year ago, data from MOFCOM showed.

(Web editor: Zhong Wenxing, Liang Jun)


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