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New Measures to Attract and Utilize Foreign Direct Investment

Release date: 2023-03-09      Source:People’s Daily Online
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  • Workers assemble wind turbine rotors at a factory in Lianyungang Economic and Technological Development Zone, East China's Jiangsu Province. (Feb. 28, 2023 - Geng Yuhe/per China Daily)

    China will continue its efforts to attract and utilize more foreign investment this year, as outlined in the government work report submitted Sunday, March 5, to the national legislative body for deliberation.

    The report recommends several measures to achieve this goal, including expanding market access, opening up the modern service sector, ensuring national treatment and improving services for foreign-funded companies, and facilitating the launch of key foreign-funded projects.

    The country will take active steps to adhere to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and other high-level economic and trade agreements, and will steadily expand institutional openness by proactively adopting relevant rules, regulations and standards, the report indicated.
    National experts and policy advisers said these efforts once again demonstrate China's commitment to further integrate into the global economy and attract more foreign investment.

    "In addition to securing the legitimate rights and interests of foreign investors, China will create a better business environment for foreign companies this year," said Zhou Mi, a researcher at the Beijing-based Chinese Academy for International Trade and Economic Cooperation, adding that the measure represents the acceleration of the creation of a unified domestic market.

    Last year, the government introduced new policy measures to encourage global companies to establish research and development centers in China, said another report presented Sunday by the National Development and Reform Commission during the first session of the 14th National People's Congress.
    Wang Hao, president of Siemens Healthineers China, a German healthcare equipment supplier, said China's firm determination to expand high-level opening has encouraged the company to deepen its integration into the country's economic growth.

    With 3 billion yuan ($434.32 million) of investment, Siemens Healthineers will open a laboratory diagnostics plant in Shanghai by the end of the year. This move will not only strengthen the local industrial supply chain but also contribute to the high-quality development of China's healthcare sector, he said.

    Raymund Chao, a member of the 14th National Committee of the Chinese People's Political Consultative Conference and chairman of global consulting firm PwC for Asia-Pacific and China, said the digital economy, green development and technological innovation have become new drivers to accelerate global economic recovery .
    Given the high growth rate achieved by Chinese companies in these areas, China is expected to play a more important role in attracting global talent and foreign investment in these areas in the next phase, he said.

    In addition to attracting foreign investment, China's high-level openness will provide strategic guidance and political support for Chinese multinationals to become leading global brands, said Ding Shizhong, a member of the CCPPC National Committee and chairman of the board of directors of Anta Group, a Jinjiang-based sportswear manufacturer, Fujian province.

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