A view of the Lujiazui area in Shanghai Photo: Xinhua

China's business climate during the fourth quarter of 2022 won high praise from most foreign enterprises, said the China Council for the Promotion of International Trade, as it vowed to initiate promotions for foreign enterprises in China to enhance their global competitiveness. 

The CCPIT on Tuesday held a press conference to release a report on the business environment as perceived by foreign enterprises in China.

The report was compiled using responses to a questionnaire that set five to six satisfaction tiers in various business aspects. 

According to the report, 9.78 percent of foreign enterprises increased their investment in China in the fourth quarter. The major investment source for over half of those companies was profit reinvestment.

Among other results, 90.2 percent were "satisfied" or "very satisfied" with conditions for renting business space and paying taxes, and 88.26 were "satisfied" or "very satisfied" with market access.

The survey found that 86.31 percent of foreign enterprises are "satisfied" regarding China's prudent monetary and credit policies in the fourth quarter, and 86.06 percent chose "satisfied" regarding proactive fiscal policies and tax and fee cuts. 

Multiple incentives for foreign enterprises in China including tax and fee reductions and support for their industrial chains were put in place during the past three years to help bolster the steady growth of the economy, Cong Yi, dean of the School of Marxism at the Tianjin University of Finance and Economics, told the Global Times on Tuesday.

A discussion paper The China Imperative for Multinational Companies published by US-based consulting firm McKinsey & Company on Sunday said that some foreign enterprises are likely to reconsider their strategies amid series of uncertainties in the world that may affect international investment, but those companies cannot ignore numerous profitable opportunities in the world's second-largest economy.

Cong said that the finding was true. "The current challenges to China's economic growth are largely caused by US-led so-called trade and technology 'decoupling' and other economic coercions. 

"However, China's overall business environment will greatly improve for foreign and domestic enterprises as long as certain 'bottleneck' technological barriers are overcome in the country," said Cong.