This aerial photo taken on Jan. 10, 2023 shows a container terminal at the Tianjin Port in north China's Tianjin. (Xinhua/Zhao Zishuo)
BEIJING, May 18 (Xinhua) -- China has maintained a growth momentum in attracting foreign investment since the beginning of this year, against the backdrop of growing downside risks of the global economy and slowing foreign demand growth.
China will insist on high-level opening-up, speed up the construction of the new development pattern and promote high-quality development, which will surely provide a broader space for foreign companies to develop in China, experts pointed out.
-- Foreign investors bullish on Chinese market
Recently, the GE Healthcare (China) precision medicine industrialization base project has been launched in the southwestern Chinese city of Chengdu.
GE Healthcare attaches great importance to the opportunities brought by the development of western China, and has long been optimistic about the development of China, said an executive from GE Healthcare (China), adding that the company has been increasing investment in Chengdu, and deepened cooperation with the city in medical technology innovation, high-end equipment manufacturing, modern service hub construction, etc.
According to data from the Ministry of Commerce (MOC), the foreign investment in actual use nationwide registered 408.45 billion yuan in the first three months of this year, up 4.9 percent year on year, with the newly-established foreign-funded enterprises surpassing 10,000, up 25.5 percent year on year.
Data also showed that during this period, the investment from France and Germany to China increased by 635.5 percent and 60.8 percent year on year, respectively, while that from the UK, Canada, Japan, Switzerland and the Republic of Korea by 680.3 percent, 179.7 percent, 47.7 percent, 47.4 percent and 36.5 percent, respectively, and that from the Belt and Road countries by 27.8 percent.
Key provinces and cities such as Beijing, Shanghai and Guangdong Province have always been important destinations for foreign investment in China.
According to Zhang Guohua, deputy director of the Shanghai Municipal Commission of Commerce, the foreign investment in actual use by Shanghai from January to March this year rose by 28.1 percent year on year to 7.8 billion yuan, and the foreign investment in high-tech industries increased by 45.9 percent year on year. The newly-recognized regional headquarters of multinational corporations and foreign-funded research and development centers registered respectively 16 and 7, making the total number reach 907 and 538, respectively.
In the first quarter, Guangdong Province has seen 4,115 new foreign-funded enterprises established, up 70.9 percent year on year, taking the lead nationwide.
-- Major foreign-funded projects implemented rapidly
The Airbus (Chengdu) life-cycle services project, with an investment of over 6 billion yuan and the first such project of Airbus outside Europe, is being advanced speedily in Chengdu.
The speedy implementation of major foreign-funded projects has become one of the major driving forces for continuous growth of foreign investment in China.
MOC data showed that in the January-March period, the actual foreign capital received by large projects each with a contractual foreign investment of over 100 million U.S. dollars notched 223.28 billion yuan, up 10.4 percent.
According to the National Development and Reform Commission, China's top economic planner, the role of the special class mechanism for major foreign-funded projects will be further played to accelerate the implementation of the fist six batches of foreign-funded projects valuing 170 billion U.S. dollars in total. As of the end of April, 63 billion U.S. dollars of investment had been completed for these projects.
The structure of foreign investment in China has been optimized. MOC data showed that from January to March this year, the foreign investment in actual use by high-tech industries in China registered 156.71 billion yuan, up 18 percent year on year.
China's manufacturing sector boasts huge development potential, and with relatively complete ecosystems, China's high-tech industries have seen international comparative advantages gradually take shape, pointed out experts.
The increase in the foreign investment actually used by China's high-tech industries indicates these industries' great attraction to foreign investors, said Ye Yindan, a researcher with the Bank of China Research Institute.
Supporting for industrial chains, improved infrastructure and large market scale among others have gradually taken place of low cost to become China's international competitive advantages, and the competitive advantage of industrial ecosystem with innovation as an important feature is taking shape, added Ye.
-- Strong efforts made at local level to attract foreign investment
Multiple regions in China have recently rolled out measures to attract foreign investment.
Shanghai unveiled measures to provide support or convenience in finance, taxation, investment and financing, personnel exchanges, imports and exports, and other elements regarding foreign investment development, and to promote the implementation of foreign-funded projects.
Zhejiang Province issued a document clarifying to attract and utilize foreign investment beyond normal practice. For advanced manufacturing projects each with a total foreign investment of 100 million U.S. dollars or above and the foreign capital in actual use reaching 30 million U.S. dollars or above in the first year of implementation, the provincial finance department shall, within the effective period of the policy, give awards and subsidies annually in accordance with 3 percent of the foreign capital actually utilized in the current year, with the total awards and subsidies not exceeding 200 million yuan in maximum, says the document.
Attracting high-quality foreign investment is a focus of China this year, with mid- and high-end manufacturing, and modern services mainly involved, noted Nie Pingxiang, a researcher with the Chinese Academy of International Trade and Economic Cooperation.
With the formulation, introduction and implementation of more targeted policies, different regions in China will attract more foreign investment which will help further push forward the overall economic improvement, predicted Xu Jinyu, a partner with the global consulting firm Ernst & Young.
(Edited by Gu Shanshan with Xinhua Silk Road, gushanshan.1987@163.com)
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