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Boost for foreign direct investment
By Wang Yanlin |
May 31, 2009, Sunday
|
Online Edition
Online Edition
CHINA will provide better support and increase efficiency to stabilize the flow of foreign direct investment in the country, the Ministry of Commerce said today.
"We will have an overall check of the administrative charges over FDI to regulate the process, cut improper fees and reduce unnecessary steps in the procedure," the ministry said on its Website.
The government will enhance support to attract foreign investment into industries featuring high technology, advanced manufacturing, eco-friendly sectors and modern services. Foreign companies will be encouraged to set up regional headquarters, research centers, logistic hubs and centers for outsourcing and training in China.
The government will also encourage foreign companies to invest in China's central and western areas by improving the investment environment there.
To help foreign companies raise funds, the government will improve financial services and accelerate the pace of study into allowing foreign-incorporated companies to be listed in the mainland.
These are some of the measures to stabilize the flow of FDI in China.
According to the ministry, FDI in China has been contracting for seven straight months.
From January to April of this year, 6,241 foreign companies were set up in the mainland, a drop of 34.2 percent compared with a year earlier. The foreign capital involved fell 21 percent on a yearly basis to US$27.67 billion.
The global recession and fiercer competition with other countries to attract FDI were cited as two major reasons for the sharp reduction.
The ministry said it expected the flow of global FDI this year might continue to shrink by 30 percent to 40 percent, as governments in other countries are also beefing up efforts to retain funds at home to stabilize their own economies.
"FDI has been an integrated part of China's development and of great importance to our economy. We must overcome the current difficulties - stabilize and increase FDI, optimize the structure of such investment, as well as expand its destination," the ministry said.
By the end of April, China had seen 666,000 foreign companies establish their presence in the mainland, with combined investment used approaching US$883 billion and creating 45 million jobs. Foreign companies accounted for about 3 percent of the companies in China but generated 29.7 percent of the total industrial output last year.
"We will have an overall check of the administrative charges over FDI to regulate the process, cut improper fees and reduce unnecessary steps in the procedure," the ministry said on its Website.
The government will enhance support to attract foreign investment into industries featuring high technology, advanced manufacturing, eco-friendly sectors and modern services. Foreign companies will be encouraged to set up regional headquarters, research centers, logistic hubs and centers for outsourcing and training in China.
The government will also encourage foreign companies to invest in China's central and western areas by improving the investment environment there.
To help foreign companies raise funds, the government will improve financial services and accelerate the pace of study into allowing foreign-incorporated companies to be listed in the mainland.
These are some of the measures to stabilize the flow of FDI in China.
According to the ministry, FDI in China has been contracting for seven straight months.
From January to April of this year, 6,241 foreign companies were set up in the mainland, a drop of 34.2 percent compared with a year earlier. The foreign capital involved fell 21 percent on a yearly basis to US$27.67 billion.
The global recession and fiercer competition with other countries to attract FDI were cited as two major reasons for the sharp reduction.
The ministry said it expected the flow of global FDI this year might continue to shrink by 30 percent to 40 percent, as governments in other countries are also beefing up efforts to retain funds at home to stabilize their own economies.
"FDI has been an integrated part of China's development and of great importance to our economy. We must overcome the current difficulties - stabilize and increase FDI, optimize the structure of such investment, as well as expand its destination," the ministry said.
By the end of April, China had seen 666,000 foreign companies establish their presence in the mainland, with combined investment used approaching US$883 billion and creating 45 million jobs. Foreign companies accounted for about 3 percent of the companies in China but generated 29.7 percent of the total industrial output last year.
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