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China vows to 'actively' use foreign funds

VICE Premier Wang Qishan has encouraged foreign investors to have faith in China's development, saying the country would "actively" use overseas investment.

Wang made the remark during a two-day tour on Friday and Saturday in south China's Guangdong Province, a frontier of the country's export-oriented sector.

"The 1.3-billion-populated country is accelerating its pace in industrialization and urbanization, and there is a great potential in the domestic market, which should be the source of our faith (in withstanding the financial crisis)," Wang told a gathering of senior executives from multinationals and foreign commerce associations.

He said China would continue to create an environment for fair competition and improve transparency of its legal system, while at the same time stabilizing foreseeable government policies.

"A more open China is bound to offer increasing opportunities for foreign-funded firms inside the country," he said.

He also said the world now needs to fight against any form of protectionism and join hands in promoting the global economic stability and development.

Wang's comment came after the country last week reported the actual use of foreign investment plunged more than 30 percent last month, the fourth consecutive month that foreign investments have fallen year on year.

Economists expected the use of foreign investments to drop after the country adjusted its foreign investment policies to upgrade the export sector, which lured half of the foreign funds into the country.

The spread of the global economic turmoil, however, added to the downturn as foreign investors chose to withhold their funds.


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