BMW i3 electric cars are pictured at Plant Lydia of BMW Brilliance Automotive (BBA) in Tiexi District of Shenyang, northeast China's Liaoning Province, June 23, 2022. (Xinhua/Yang Qing)

Honson To, chairman of KPMG China and Asia Pacific, has said that in recent years, China has persisted in a high-level opening-up to the outside world, facilitating the investment and development of enterprises from various countries in China and continuously increasing its attractiveness to foreign capital.

KPMG is a global network of professional firms providing audit, tax and advisory services.

The inflow of foreign capital plays a crucial role in optimizing China's economic structure and enhancing the modernization level of the industrial chain, To said in a recent written interview.

China has consistently reduced the negative list for foreign investment, demonstrating the firm determination of the Chinese government to expand opening-up, he said.

The quantity, quality, and momentum of foreign capital inflow into China are increasing, he said. Overall, foreign capital in China is characterized by its large scale, rapid growth, technology orientation, and expansion inland.

Data from the Chinese Ministry of Commerce shows that in the first three quarters of 2023, the actual use of foreign capital in the manufacturing industry in China increased by 2.4 percent year-on-year, with the actual use of foreign capital in high-tech manufacturing increasing by 12.8 percent year-on-year, highlighting the high quality of foreign investment.

When talking about China's economic growth prospects, To said that as the Chinese economy continues to recover, consumer potential is gradually being unleashed, the service industry is continuously developing positively, and the overall trend of the Chinese economy will remain positive.

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