Further opening-up, cooperation aim to increase FDI, achieve growth targets
Visitors are seen at the 22nd China International Fair for Investment and Trade held in Xiamen, Fujian province, on Sept 8. WEI PEIQUAN/XINHUA
China is expected to make the country increasingly more attractive by ramping up efforts to stabilize the expectations of foreign investors, according to government officials and experts.
Experts also said policy measures at both central and local levels have attached great importance to key foreign investment projects, which will facilitate the early implementation of those projects.
At the opening ceremony of the 22nd China International Fair for Investment and Trade, which ran from Sep 8 through Sep 11 in Xiamen, Fujian province, Guo Tingting, assistant minister of commerce, said no matter what happens in the international community, China will firmly welcome the rest of the world in a broader scope, in more fields and at a deeper level to make substantial achievements in opening-up.
The nation will step up efforts in attracting foreign investments and optimize the service system for foreign investors so that they will become more interested in developing in China, she said.
Nie Pingxiang, a researcher with the Chinese Academy of International Trade and Economic Cooperation (CAITEC), predicted this year’s FDI inflow to China will increase from last year while more FDI is expected to flow into high-end sectors and the western and middle regions in the nation.
“China is increasingly attractive to foreign investors due to the nation’s huge market potential and its deepening opening-up and reform that is creating a better business environment for foreign enterprises,” Nie said.
Facing headwinds in achieving its annual economic growth target, China has rolled out a myriad of policy measures to stabilize growth, including those aiming to promote foreign investment.
The State Council officially unveiled a package of 33 measures in May. Some of the measures are proposed to accelerate the delivery of key foreign investment projects and attract foreign investment more proactively.
The revision of the industry catalog for sectors that encourage foreign investment will also be sped up to guide foreign capital into fields such as high-end manufacturing and scientific innovation in areas such as the middle, western and northeastern regions.
The nation will also support foreign investors to establish research and development centers in high-end and emerging technologies, apart from expanding enterprises’ cross-border financing channels, enhancing Chinese authorities’ communications with foreign chambers and enterprises, and facilitating foreign businesses more proactively.
Nie with CAITEC spoke highly of the government’s efforts in promoting foreign investment through revising specific policy measures to create more opportunities, such as the industry catalog for sectors that encourage investment and those regulating strategic investment by foreign investors in A-share listed companies.
The government policies also focus on guiding foreign investment into key fields like advanced manufacturing, high-end technology, energy conservation and modern services, as well as speeding up the establishment of opening-up platforms, such as the expansion of pilot areas for comprehensive opening-up in the services sector, and improving working mechanisms at both central and local government levels for major foreign investment projects, Nie said.
“Implementation of key foreign investment projects remains a priority in both central and local government policy measures to stabilize FDI inflow,” she said, adding that means financial and other types of support will be in a good position for such projects.
Shu Jueting, a spokeswoman for the Ministry of Commerce, also said at a recent news conference in Beijing that key foreign investment projects in China are making good progress amid the country’s efforts to stabilize cooperation and FDI inflow.
Around 60 percent of the projects that have started production are in full operation, while over 30 percent of the projects under construction have started production, she said, adding the actual foreign investment of large projects, with contracted foreign investment of more than $100 million each, totaled $66.85 billion in the first seven months.
That was 35 percent higher year-on-year and accounted for 53.9 percent of the nation’s foreign investment in actual use in the same period, she said.
The ministry and relevant authorities have established mechanisms to improve services for foreign investors and promote the early implementation of major foreign investment projects, Shu said.
Contact the writers at liuzhihua@chinadaily.com.cn
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
