Vice Premier Wu Yi
pledged that China will further improve the investment environment
to attract more foreign investors to fuel the country’s brisk
economic growth in Xiamen on Wednesday.
Speaking at the opening of the eighth China International Fair
of Investment and Trade, which opened Wednesday in Xiamen, Fujian
Province, Wu said the central government will intensify its
efforts to encourage domestic companies to explore international
markets.
The fair is known for serving overseas investors coming to China
and Chinese businesses going abroad.
“The Chinese Government encourages overseas companies to
participate in China’s drive of developing its West and Northeast,
increase their investment in the high-tech and research sectors,
establish more regional bases, and purchase centers and logistics
centers in China,” Wu said.
Remarkable achievements have been made over the past 26 years in
attracting foreign investments thanks to China’s efforts to improve
its investment environment and open its markets wider to the
outside world, said Wu.
China has simplified administrative processes and has slashed
the amount of bureaucracy required to facilitate foreign investment
in recent years, a move that greatly improved foreign investors’
confidence, said Wu.
This progress accelerated after the nation joined the World
Trade Organization (WTO) in late 2001, as China has fully stood by
its WTO commitments in tariff-reduction, the elimination of
non-tariff barriers and the opening of its service trade
sector.
Wu pointed out that the nation has actually gone much further
than its WTO commitments.
For example, “China moved ahead of the deadline in loosening
controls over its foreign trading rights with the new Foreign Trade
Law taking effect on July 1,” she said.
And more efforts will be made to prevent the infringement of
intellectual property rights (IPR), said Wu. Foreign investors have
complained that rampant piracy and IPR violation in China are
making it difficult for them to do business.
“The Chinese Government attaches great importance to IPR
protection,” said Wu.
“China’s Supreme People’s Court and the Supreme People’s
Procuratorate are drafting legal interpretations concerning
criminal penalties over IPR violations, said the vice-premier,
adding these are expected to be published before the end of the
year.
Until July, a total of more than 490,000 foreign-invested
enterprises have been set up in China with actual investment of
US$540 billion.
Among world’s top 500 multinational corporations, more than 400
have invested in China. And 30 of them have set up regional bases
in the country.
China has also witnessed the establishment of more than 600
foreign-invested research and development centers, which
demonstrates that the country’s ability to lure quality foreign
funds has been greatly improved.
Meanwhile, the vice-premier also said it is equally important
for Chinese companies to “go global,” as economic globalization
continues to gather pace.
“To encourage capable Chinese enterprises to go out is an
important policy of the Chinese Government,” she said.
The move is of vital significance as the Chinese economy becomes
increasingly integrated with the world market.
Backed by the central government, China’s outward investment has
increased by leaps and bounds, Wu said.
By 2003, Chinese companies had invested US$33.2 billion in 7,470
companies in more than 160 nations and regions.
The money goes to a diverse range of businesses including
manufacturing, agro-processing, mining, project contracting, and
research and development, instead of the traditional sectors such
as foreign trade, shipping and catering.
(China Daily September 9, 2004)