SCIO press conference on building up confidence, making great efforts, taking new steps for high-quality development of commerce
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E-mail China.org.cn, March 13, 2023
CNBC:
Some time ago, foreign enterprises were faced with multiple investment options, and some of them even considered options other than China. But recently, many senior executives have said they plan to visit China for market research. What's MOFCOM's comment on this situation? What's your considerations and plans for attracting foreign investment in 2023?
Wang Wentao:
Thank you for your question. The first half of your question refers to some considerations and choices among foreign enterprises, which are temporary and exceptional cases. The second half mentioned that many senior executives from foreign companies plan to visit China, which represents a long-term trend. Recently, my colleagues and I have had many face-to-face exchanges with senior executives of foreign enterprises. From our meetings, we can tell that many executives are still optimistic about China's economic prospects and willing to continue to invest in China and further explore the Chinese market. Some companies have said that the Chinese market is indispensable, rather than optional. We truly appreciate their remarks.
Statistics showed that China utilized 1.2 trillion yuan of foreign investment last year, up 6.3% year-on-year, or 189.1 billion US dollars, up 8% year-on-year. Since the beginning of this year, it has continued to grow. In January, the utilization of foreign investment was 127.7 billion yuan, up 14.5% year on year, or $19 billion, a year-on-year increase of 10%. Clearly, there have been ups and downs during different months or years. On many occasions, a major project may bring about an increase in foreign investments, which was normal. Over the long run, the Chinese market is an irreplaceable option for global enterprises.
The Chinese government has attached great importance to the utilization of foreign investments. Not long ago, Xi Jinping, general secretary of the Communist Party of China (CPC) Central Committee, published an important article in the Qiushi Journal, elaborating on several major issues involving current economic work, one of which was that we would make greater efforts to attract and utilize foreign investments. It was a strong signal and an important deployment of the goals set at the Central Economic Work Conference as well as a guiding principle for our key tasks of this year. We will step up efforts to promote investment, improve services, expand opening up, optimize the business environment, strive to retain high-quality foreign investment, and bring in more high-quality foreign investment. I would like to answer this question in the following four aspects.
In promoting investment, the ministry will initiate a "Year of Investing in China" program. We will pool all resources and work with local governments to attract investment through a series of regular and diversified activities. These activities mainly integrate moves to bring in outside resources with the drive to go global. The focus is to establish platforms and open more channels, thus demonstrating investment opportunities offered by different provinces and regions across the country and showcasing the golden brand of "Investing in China." In terms of "bring in outside resources," we will launch activities such as ceremonies, themed forums, and special promotion campaigns hosted by certain local governments. In addition, events like "Multinational companies tour in China" and CIIE in provincial regions will be held to boost foreign investment. In terms of "going global," we will support local governments and companies to visit the United States, Europe, and some places in Asia and the Gulf region, and launch some key promotion projects in a targeted way. At the same time, we will make use of exhibitions and fairs, give full play to the role of overseas business agencies and investment promotion agencies and carry out investment promotion activities at various levels and in different forms so as to create a better platform and bridge to facilitate investment.
In improving services, we will provide targeted services to foreign-funded enterprises. During the pandemic, we held regular discussions with foreign-funded enterprises and chambers of commerce to acquire an understanding of the problems they had encountered and help solve their problems. Under the foreign trade and foreign investment coordination mechanism, there is a special work group for major foreign investment projects, which collects information on issues concerning foreign-invested enterprises, promoting the settlement of those issues, and providing better services for foreign investors, thus creating a sound business environment for foreign-funded enterprises.
In pursuing higher-quality opening-up, we will explore to reasonably shorten the negative list for foreign investment and further lift or ease restrictions on access for foreign investment. In particular, we will give full play to the pioneering and leading role of platforms such as the pilot FTZs, the Hainan Free Trade Port, the demonstration and pilot projects for wider opening-up of the service sector, and national-level economic development zones. We will promote opening-up at a greater and higher level in line with high-standard international economic and trade rules, and steadily move ahead with institutional opening-up.
Besides, we will optimize the business environment for foreign investors. We will thoroughly implement the Foreign Investment Law and its implementing regulations to apply national treatment to foreign enterprises with high standards. Issues many foreign enterprises raise, such as those regarding government procurement, bidding and standards formulation, will be key focuses of our work. We will work with relevant departments to conduct research and roll out policy measures to ensure foreign enterprises have equal access to those opportunities. We will establish cross-department complaint and coordination mechanisms at all government levels, improve complaint handling, step up the protection of the legitimate rights and interests of foreign investors, and foster a market-oriented, law-based, and internationalized business environment. Thank you.
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