Lujiazui in Shanghai File Photo:VCG

Chinese Vice Premier He Lifeng presided over a symposium on foreign investment in Beijing on Monday to gain a comprehensive understanding of the current situation in attracting foreign investment and to boost its introduction and utilization.

It is necessary to adhere to a goal-oriented and problem-oriented approach, promptly implement already introduced policies, further relax market access, remove unreasonable restrictions, and turn the advantages of China's ultra-large market into real advantages in attracting capital, He said, according to a release on the website of the Ministry of Commerce (MOFCOM).

"We will continue to build a market-oriented, law-based, and internationally-oriented business environment, supporting domestic and foreign enterprises equally in participating in large-scale equipment upgrading, government procurement, and bidding," He stated.

The Vice Premier noted that China will continue to open channels for foreign enterprises to express and resolve their demands, promptly publicize policies, listen to their concerns, and respond to their needs. He also emphasized that provinces should accelerate the implementation of foreign-funded projects.

"We will hold key investment exhibitions and actively explore new ideas and models for attracting capital that adapt to the current situation," He added.

Utilizing and attracting foreign investment has always been a priority for China. The symposium on Monday also emphasized implementing the arrangements made at the meeting of the Political Bureau of the CPC Central Committee on April 28, which analyzed the current economic situation and economic work of China.

It is imperative to put attracting foreign investment in an even more important position and achieve stable performance in foreign trade and investment. Free trade pilot zones and free trade ports with conditions should be supported to dovetail their rules with high-standard international economic and trade rules, and play a pioneering role in reform and opening-up, according to the April meeting.

In March, China issued a 24-point action plan to attract foreign investment, reflecting its determination for further opening-up. The concrete plan comprises five sections with 24 measures, including expanding investment access in high-tech and financial areas, increasing policy and tax support, promoting fair competition, and aligning domestic rules with high-level international trade rules.

Foreign investors' confidence is evident from the number of newly established foreign-funded enterprises in China, totaling 21,764 from January to May, an increase of 17.4 percent year-on-year, according to MOFCOM statistics.

Notably, the actual use of foreign capital in China's manufacturing industry reached 117.1 billion yuan ($16.1 billion) in the first five months of 2024, with its proportion in the country's foreign investment increasing by 2.8 percentage points compared with the same period in 2023, indicating the continuous optimization of China's foreign investment structure.

Global Times