Dharamshala, September 9 – China would continue to open up for more foreign direct investment for the development of the country, according to a report by Xinhua, the official mouthpiece of the Communist government.
Calling it one of the ‘main drivers of the country’s development,’ China’s Vice-Premier Wang Qishan told Xinhua that foreign investment has brought capital, technology, and management experience, among others.
China in the past 16 years has attracted more foreign capital than any other country in the developing world and is now exploring possibilities of opening up new areas including agriculture, manufacturing and services, the Xinhua reported.
The Xinhua report also said that the China has taken up a multi-prong strategy to remove obstacles for free flow of foreign capital in the country. “They include promotion of the investment environment, better utilization of foreign capital and encouragement to Chinese enterprises to invest in foreign countries, among others.”
According to the official media, China is also taking steps to simplify its commercial laws to make them transparent and investment-friendly.
It will also encourage foreign companies to invest domestically through founding local offices or participating in the reforms of domestic enterprises, the vice-premier was quoted by Xinhua as saying.
In the post-Olympic Games period China would insist on the opening-up policy and peaceful development, Xinhua quoted China’s Commerce Minister Chen Deming as saying.
‘Sectors such as domestic commerce, financial services, insurance and tourism are being gradually opened up. Geographic restrictions on where foreign companies are allowed to set up operations are expected to be relaxed in the coming years,’ he said.
‘China’s foreign investment policy has come to a turning point, and preferential treatment for foreign capital has been in principle abolished with the exception of certain sectors including high-technology,’ Xinhua quoted Shoichiro Toyoda, the third chairman of the Japan-China Investment Promotion Organization, as saying.
