(Yicai Global) May 17 -- China’s top economic planning agency said it is considering how to increase foreign investment in domestic industries such as manufacturing.
The National Development and Reform Commission is studying revisions and expansion of the catalogue of industries that encourage foreign investment, with a focus on manufacturing, producer services and key regions including central, west and northeast China, NDRC spokesperson Meng Wei said at a press conference today.
Meng was responding to a question about recent reports that said some foreign businesses are considering to transfer existing or planned investments to other countries.
China is concerned about the logistics problems and uncertainty that foreign companies are facing, she said, adding that the NDRC and other agencies will implement policies and measures for opening-up and foreign capital stabilization.
These authorities will also study and meet reasonable demands from overseas businesses to better serve them and their projects, Meng said. As the pandemic is being brought under control in China and industrial supply chains are returning to normal, foreign businesses will see good returns restored, she noted.
From January to April, foreign capital in actual use jumped 26 percent to USD74.8 billion from a year earlier. Central and western areas attracted much more investment from abroad than a year ago, with a gain of 44 percent and 27 percent, respectively.
“Such foreign capital results are hard-earned in the face of a complex and severe international situation and the impact of the pandemic at home,” Meng said. “This fully shows that China's complete industrial system, sound infrastructure and huge market are still quite attractive to foreign investors, and also reflects foreign companies' positive expectations and confidence in the Chinese economy.”
Covid-19 has brought challenges to the world economy and global industrial supply chains, Shu Yuting, commerce ministry spokesperson, said told reporters last week. China will continue to open wider at a high level, further improve the system serving foreign investment, improve the level of targeted services, and create more development opportunities for foreign companies, she said.
Editors: Xu Wei, Tom Litting