Action needed to attract foreign investment

More should be done to enable companies to take advantage of China's vast market, industrial and supply chains, advisers say

By WANG KEJU | China Daily | Updated: 2024-03-05 07:45
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Trucks are loaded onto the ship Winning Confidence in Yantai, Shandong province, in January. The vehicles will be exported to Guinea in Africa. [TANG KE/FOR CHINA DAILY]

China should roll out more robust measures to better attract and utilize foreign investment, further optimize its business environment, reduce its negative list and remove discriminatory practices, according to national legislators and political advisers.

They stressed China's vast and expanding market, coupled with its increasing openness to foreign investment, would present new opportunities for many businesses across sectors, and its well-developed industrial and supply chains could provide a solid production foundation, further enhancing its appeal to foreign investors.

"The current global economy is grappling with various uncertainties, particularly the rise of trade and investment protectionism and unilateralism, which have severely disrupted the global decision-making of multinational corporations," said Tian Xuan, a deputy to the 14th National People's Congress.

China should introduce a package of well-targeted policies to shape itself as a key player in mitigating the negative impacts of instability and intricacy, so as to offer a more enabling climate and catalyze foreign investment amid a rapidly changing world, said Tian, who is also associate dean of Tsinghua University's People's Bank of China School of Finance.

The country saw a significant increase in the number of newly established foreign-invested enterprises last year, according to data released by the Ministry of Commerce, with 53,766 companies being set up nationwide, representing a year-on-year growth of 39.7 percent.

China's robust economic resilience and vast potential, which is evident in its ability to weather global economic uncertainties and challenges, have established a solid foundation for a predictable investment environment, said Pan Yuanyuan, an associate researcher at the Chinese Academy of Social Sciences' Institute of World Economics and Politics.

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