Continued opening-up vital for GDP

BEIJING: China is studying and revising the catalogue of industries in which foreign investment is encouraged and therefore offering more business opportunities for global stakeholders to participate in China’s high-quality development, officials and experts say.

The country is enlarging the scope for foreign investment with a draft version of the catalogue of industries in which such investment is encouraged – a key step in its attempts to open up wider, according to the country’s top economic regulator.

Meng Wei, a spokeswoman for the National Development and Reform Commission (NDRC), said at a news conference that the revised catalogue aims in particular to attract foreign investment in key sectors including manufacturing and in certain areas such as central and western regions as well as the northeast.

Citing the 26.1% year-on-year growth of China’s actual use of foreign capital during the January-april period, Meng said the figure fully demonstrates that China is still attractive to foreign investors with its complete industrial system, good infrastructure and its ultra-large market, and it also showcases foreign enterprises’ confidence in China’s economy.

Commenting on discussions that some foreign companies are facing difficulties and problems such as disruptions to logistics and unclear expectations, she said the NDRC and relevant departments have taken solid steps to help foreign enterprises resume work and production.

“With effective control of the pandemic and gradual restoration of stability in industrial and supply chains, we believe foreign companies will reap benefits from engagement in building China’s new development pattern.”

Foreign Ministry spokesman Wang Wenbin also said that China will simplify procedures for foreign investors to invest in the domestic market. — China Daily/ann