Update: China to promote, strengthen policy support for inbound investment

This photo taken on Nov. 4, 2022 shows an evening view of the Lujiazui area in east China's Shanghai. (Xinhua/Wang Xiang)

BEIJING, Aug. 15 (Xinhua) -- China will promote and strengthen policy support for inbound foreign investment, a Ministry of Commerce official told a press conference on Monday.

The ministry will work with relevant departments to implement the guidelines for the further optimization of the country's foreign investment environment, and to intensify efforts to attract foreign investment that were made public by China's State Council on Sunday, said Chen Chunjiang, vice minister of commerce.

The ministry will continue to deepen reform and opening-up, effectively optimize the country's business environment, and make every effort to stabilize foreign trade and investment, according to Chen.

In addition to the actions set out in the guidelines, the ministry will continue to implement the policies and measures that have been introduced since the beginning of the year, according to the ministry.

These policies and measures include those introduced in April to stabilize the scale and optimization of the structure of foreign trade, and those introduced in June to deepen reforms in certain eligible free trade zones and the Hainan Free Trade Port to align with high-standard international economic and trade rules.

The country in January issued a circular requesting that relevant departments and regional authorities provide further support for foreign investors in their establishment of research and development centers.

The ministry will take further steps to strengthen policy support in the future. It will work with relevant departments to shorten the country's negative list for foreign investment access, and continue to expand market access for foreign investment. In the meantime, it will continue to relax restrictions on foreign strategic investment in listed companies in China, according to the ministry.

Official data shows that 23,536 new foreign firms were established in China in the first half of the year, a 35.7 percent year-on-year rise.

China's firm determination to open up, its broad market opportunities, its complete industrial system and its quality business environment are leading foreign investors to step up their investment in the country, Chen said.