China will open further, minister says
By Wan Yanlin |
July 27, 2010, Tuesday
|
Print Edition
Print Edition
CHINA will open its market further to foreign investors, Commerce Minister Chen Deming wrote in an article published yesterday in the Financial Times.
The remarks were another reassurance for foreign investors after Premier Wen Jiabao promised a stable foreign investment climate in China about 10 days ago.
"Concerns have recently been floated... that China is now less welcoming of foreign investment," Chen said in the article. "In fact, China will open wider in the future."
Chen said China has kept its market open throughout the financial crisis, and companies have followed strict tender rules to ensure a level playing field for all businesses, either Chinese or foreign, while bidding for some of the 4 trillion yuan (US$586 billion) stimulus.
Last year, of 12,439 tenders for procurement of electromechanical products, 55 percent went to foreign investment enterprises, Chen said.
He said China remained a top destination for investment by multinational companies. When global foreign direct investment dropped nearly 40 percent in 2009, investment into China only fell 2.6 percent.
To become more attractive, the country has strengthened the practice of equal treatment for foreign investment and strived to improve intellectual property rights with new laws and a "double-track" system of administration and criminal enforcement.
"Coming out of crisis, China must work to upgrade its own industries in areas such as high-end manufacturing and environmental goods and services," Chen said.
"To do this, China wants to make better use of the knowledge and expertise of multinationals."
Chen's remarks came in tandem with Wen's remarks on July 17 that China is open to foreign investors.
In talks with heads of prestigious German and Chinese firms in Xi'an, Shaanxi Province, Wen refuted the accusation that China's investment climate is deteriorating.
"Currently, there is an allegation that China's investment environment is worsening. I think it is untrue," Wen said.
Foreign firms have voiced concern that the indigenous innovation policy might provide incentives for government bodies to purchase products developed by Chinese companies.
The remarks were another reassurance for foreign investors after Premier Wen Jiabao promised a stable foreign investment climate in China about 10 days ago.
"Concerns have recently been floated... that China is now less welcoming of foreign investment," Chen said in the article. "In fact, China will open wider in the future."
Chen said China has kept its market open throughout the financial crisis, and companies have followed strict tender rules to ensure a level playing field for all businesses, either Chinese or foreign, while bidding for some of the 4 trillion yuan (US$586 billion) stimulus.
Last year, of 12,439 tenders for procurement of electromechanical products, 55 percent went to foreign investment enterprises, Chen said.
He said China remained a top destination for investment by multinational companies. When global foreign direct investment dropped nearly 40 percent in 2009, investment into China only fell 2.6 percent.
To become more attractive, the country has strengthened the practice of equal treatment for foreign investment and strived to improve intellectual property rights with new laws and a "double-track" system of administration and criminal enforcement.
"Coming out of crisis, China must work to upgrade its own industries in areas such as high-end manufacturing and environmental goods and services," Chen said.
"To do this, China wants to make better use of the knowledge and expertise of multinationals."
Chen's remarks came in tandem with Wen's remarks on July 17 that China is open to foreign investors.
In talks with heads of prestigious German and Chinese firms in Xi'an, Shaanxi Province, Wen refuted the accusation that China's investment climate is deteriorating.
"Currently, there is an allegation that China's investment environment is worsening. I think it is untrue," Wen said.
Foreign firms have voiced concern that the indigenous innovation policy might provide incentives for government bodies to purchase products developed by Chinese companies.
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