Wang Linjie, spokesperson for the China Council for the Promotion of International Trade (CCPIT) Photo: courtesy of CCPIT

Foreign enterprises' confidence in China has continued to grow in the second quarter, with more than 40 percent of respondents of a survey expressing increasing confidence in the China market. They believe that its attractiveness will further improve, according to a report by the China Council for the Promotion of International Trade (CCPIT) published on Friday.

The report showed that among the surveyed parties, US-invested businesses that have operations in China expressed the highest level of optimism, with over 40 percent being bullish on the prospects of the China market and believing that its attractiveness is on the rise.

Notably, nearly half of the respondents - with the most being US-funded enterprises - expected an increase in profit margins over the next five years, with a significant portion planning to increase their investment in China during 2024.

The survey, which included responses from more than 400 foreign companies, highlighted positive ratings for key indicators such as infrastructure services, market access, taxation, and commercial dispute resolution.

The CCPIT pledges to enhance its support for foreign-invested enterprises, aiming to provide a market-oriented, rule-of-law-based, and internationalized first-class business environment for foreign companies and ensure fair competition, Wang Linjie, a spokesperson for the CCPIT, said at a press conference in Beijing on Friday. 

"We will focus on deepening communication with foreign companies and addressing their concerns to facilitate mutually beneficial cooperation," Wang added.

Despite US attempts to impede China's growth, international businesses are actively pursuing investment opportunities in the China market, drawn by its impressive performance and potential for growth, Li Yong, a senior research fellow at the China Association of International Trade, told the Global Times on Friday.

Analysts also highlighted a strong sense of confidence among global investors, signaling their positive outlook on China's economy in 2024. "With a stable policy environment and a commitment to high-quality opening-up, China continues to attract foreign investment and drive economic growth," Li added.

The report also reflects the positive outlook of foreign enterprises on the China market and their confidence in investing in China. It serves as strong evidence of the continuous optimization of China's business environment and the resilience of its economic development, Li said.

As China continues to focus on high-quality development and increase its institutional openness, foreign companies are likely to see increased opportunities to participate in the country's modernization efforts. Experts anticipate ongoing economic growth and stability in China, solidifying its position as a hot spot for global investors.

A resolution on further deepening comprehensive reform to advance Chinese modernization was adopted at the third plenary session of the 20th CPC Central Committee, underscoring the country's commitment to opening-up and unwavering determination to providing development dividends to the world. It stressed that China will enhance its capacity for opening-up while expanding international cooperation and developing new institutions for a higher-standard open economy.

The CCPIT will implement specific strategies to facilitate collaboration between Chinese and foreign businesses, creating opportunities for mutual growth and development in China, Wang noted.