China to increase support for foreign firms to attract more investments
In an effort to draw in more foreign investment, a representative of the Chinese Ministry of Commerce (MOFCOM) stated on Wednesday that the ministry will provide whole-process assistance for projects using foreign capital as well as assist in resolving problems encountered by international companies.
Ling Ji, China’s Vice minister of commerce and deputy representative for international trade, stated at a roundtable meeting aimed at advancing significant foreign-invested projects that China will establish a higher-standard open economy, as stated in the third plenary session of the 20th Central Committee of the Communist Party of China.
According to Ling, China will increase proactive opening-up, institutional opening-up, and support the orderly spread of opening-up in a number of areas, including education, healthcare, culture, and telecommunications.
China will treat foreign enterprises similarly when it comes to providing national treatment to them in areas including government procurement, large-scale equipment renewal, consumer products trade-ins, and industry supervision, the official stated.
A view of Beijing's CBD area on Aug 19, 2022. [Photo/VCG]
The roundtable meeting on Wednesday was attended by representatives from around twenty significant foreign-invested projects. The new Verbund site of German chemical giant BASF, located in Zhanjiang, Guangdong Province, South China, is one of the biggest foreign-invested projects in China.
According to the firm, the project, which is currently under development, will be BASF's greatest investment to date and will require a total of roughly 10 billion euros ($11.03 billion) when completed.
German foreign direct investment in China in the first half of 2024 was 7.3 billion euros, up from 6.5 billion euros in 2023, according to figures from the German central bank that the Financial Times published on Tuesday.
Official data from China also indicated consistent foreign investment in the country. According to MOFCOM, the amount of foreign investment in actual use fell by 29.1% in the first half of 2024, but it was still reasonably high at over 500 billion yuan ($70 billion). This decline was consistent with a global trend towards declines in foreign investment.
Additionally, according to MOFCOM earlier this month, there were around 27,000 newly founded foreign-funded enterprises in the first half of 2024, representing a 14.2 percent year-over-year gain. This shows how vibrant the international business community is still in China.
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