Equal treatment pledge for foreign investors
Source: Xinhua |
September 8, 2010, Wednesday
|
Print Edition
Print Edition
China has promised foreign companies equal treatment in the government's latest effort to create a more open investment environment.
Vice President Xi Jinping said China would alter the "indigenous innovation" procurement rules that had prompted an outcry from foreign companies by giving preference to Chinese-developed technology in multibillion-dollar annual government purchases of computers and other goods.
And he repeated promises that foreign-owned companies in China would be eligible to apply to be treated as domestic suppliers.
"China is working hard to create a better and more open investment environment for foreign investors," Xi told the opening ceremony of the World Investment Forum in Xiamen City in southeast China's Fujian Province.
The three-day forum, organized by the United Nations Conference on Trade and Development, will discuss the challenges and opportunities for global investment in a post-crisis economy.
Xi said foreign investment is beneficial for both China and foreign firms. China receives funds, advanced technology, managerial expertise and talent that supports China's modernization while foreign-invested enterprises generate profits.
Obtaining "financial resources" and "intellectual resources" through foreign investment has been an important part of China's opening-up policy for the past 30 years and more, he said.
"Today in China, 22 percent of tax revenues, 28 percent of added industrial value, 55 percent of foreign trade, 50 percent of technology import and 45 million jobs come from foreign-invested enterprises," he said.
"Many foreign-invested enterprises in China have become the growth engine and profit center for their parent companies' global business," he added.
As of July this year, some 698,000 foreign-invested enterprises with a paid-in capital of US$1.05 trillion had been established in China, Xi said.
Recently, though, some foreign businesses had complained about the "worsening" investment environment.
Last Thursday, the European Chamber of Commerce released a report airing a host of such complaints from member companies, especially about market access and the regulatory environment.
Premier Wen Jiabao said in July that it was not true to claim that China's investment environment was worsening as "foreign investment will not pour into a country where the investment environment is worsening."
While global foreign direct investment slumped by almost 40 percent last year, China's FDI was down a mere 2.6 percent, according to UNCTAD.
China remained the second largest recipient nation of FDI, following the United States.
Vice President Xi Jinping said China would alter the "indigenous innovation" procurement rules that had prompted an outcry from foreign companies by giving preference to Chinese-developed technology in multibillion-dollar annual government purchases of computers and other goods.
And he repeated promises that foreign-owned companies in China would be eligible to apply to be treated as domestic suppliers.
"China is working hard to create a better and more open investment environment for foreign investors," Xi told the opening ceremony of the World Investment Forum in Xiamen City in southeast China's Fujian Province.
The three-day forum, organized by the United Nations Conference on Trade and Development, will discuss the challenges and opportunities for global investment in a post-crisis economy.
Xi said foreign investment is beneficial for both China and foreign firms. China receives funds, advanced technology, managerial expertise and talent that supports China's modernization while foreign-invested enterprises generate profits.
Obtaining "financial resources" and "intellectual resources" through foreign investment has been an important part of China's opening-up policy for the past 30 years and more, he said.
"Today in China, 22 percent of tax revenues, 28 percent of added industrial value, 55 percent of foreign trade, 50 percent of technology import and 45 million jobs come from foreign-invested enterprises," he said.
"Many foreign-invested enterprises in China have become the growth engine and profit center for their parent companies' global business," he added.
As of July this year, some 698,000 foreign-invested enterprises with a paid-in capital of US$1.05 trillion had been established in China, Xi said.
Recently, though, some foreign businesses had complained about the "worsening" investment environment.
Last Thursday, the European Chamber of Commerce released a report airing a host of such complaints from member companies, especially about market access and the regulatory environment.
Premier Wen Jiabao said in July that it was not true to claim that China's investment environment was worsening as "foreign investment will not pour into a country where the investment environment is worsening."
While global foreign direct investment slumped by almost 40 percent last year, China's FDI was down a mere 2.6 percent, according to UNCTAD.
China remained the second largest recipient nation of FDI, following the United States.
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