by Xinhua writer Shi Hao
BEIJING, Aug. 11 (Xinhua) -- China's ongoing economic transition is having, and will continue to have, a positive, rather than negative, spillover effect.
China's GDP growth remained at 6.7 percent in the second quarter, which renewed concerns that the persistent slowdown may reduce business opportunities for foreigners in China and even weigh on the global recovery.
The concerns are understandable. The truth, however, is that inbound investment and import volume continued to expand rapidly and China remains one of the biggest markets for foreign products and services.
With restrictions on foreign investors lifted, China is still an attractive destination for overseas investment. In the first half of the year, 13,402 foreign-funded firms were established in China, up 12.5 percent.
Driven by rapid urbanization, particularly in western regions, China has not lost its appetite for commodities. Imports of iron ore, crude oil, coal and copper rose 9.1 percent, 14.2 percent, 8.2 percent and 22 percent, respectively, in the first six months of the year.
Also, the Chinese people still aspire to improve their quality of life and the government's pursuit of more sustainable growth have both created new business opportunities.
Dissatisfied with what they perceive to be "cheap domestic brands," Chinese tourists spent at least 182 billion U.S. dollars overseas last year on products ranging from rice cookers to smart toilet seats.
Hollywood movies, electronic gadgets, food, clothes and other luxuries are warmly received by Chinese consumers, who more and more willing and financially able to spend on leisure and high-end goods.
China's desire to upgrade its manufacturing sector also means lucrative business opportunities for multinationals. Foreign investment in high-tech services in China from January to June nearly doubled over the previous year.
Foreign giants also made huge profits in cooperation with Chinese firms in new materials, new-energy vehicles, aircraft components, integrated circuits, medical and old-age care and cloud computing.
At the same time, China's export of industrial production capacity and Chinese enterprises' strategies to go global have benefited foreigners.
Chinese enterprises invested 88.9 billion dollars in 155 countries and regions in the first six months of the year, surging 58.7 percent. They created local jobs and helped upgrade industries there.
China contributed more than 25 percent to global growth last year. It continues to be a strong propeller for global recovery. Enditem
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