Scope of opening-up continues to increase

The manufacturing sector has remained a key area for foreign investment. In 2017, there were 4,986 newly established foreigninvested manufacturing enterprises in China, up 24.3 percent year-on-year. The recently revised Catalogue for the Guidance of Foreign Investment Industries (2017) has substantially reduced the access restrictions for foreign investment. In terms of manufacturing products, 22 of the 31 categories, 167 of the 179 subcategories, and 585 of the 609 branch-categories are fully open to foreign investment, accounting for 71 percent, 93.3 percent and 96.1 percent, respectively, of the categories.

In recent years, the momentum of Chinese enterprises’ investment abroad has been growing vigorously. The manufacturing sector takes up more than onethird of the total overseas investment, covering areas such as textiles, food, machinery, automobile and electronics, and generating enormous economic returns for both sides.

For example, Geely acquired Volvo in 2010. After a series of strategic adjustments, Volvo sold more than 500,000 vehicles worldwide in 2015, a record high in its 88-year history, helping the company overcome its difficulties and regain business vitality. During the process, Geely also improved its management and established with Volvo a community of shared interests through collaboration and scale effect.