Measures to be taken to attract, utilize FDI

Workers assemble wind turbine wheels at a factory in Lianyungang Economic and Technological Development Zone, East China's Jiangsu province, Feb 28, 2023. (Photo by Geng Yuhe/for China Daily)

China will further its efforts to attract and utilize more foreign investment this year, as outlined in the Government Work Report submitted to the national legislature for deliberation on Sunday.

The report recommended several measures to achieve this goal, including expanding market access, opening up the modern services sector, ensuring national treatment and improving services for foreign-funded companies, and facilitating the launch of landmark foreign-funded projects.

The country will take active steps to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and other high-standard economic and trade agreements, and steadily expand institutional opening-up by proactively adopting relevant rules, regulations and standards, according to the report.

Experts and national political advisers said these efforts again prove China's commitment to further integrate into the global economy and attract more foreign investment.

"Apart from ensuring the legitimate rights and interests of foreign investors, China will create a better business environment for foreign companies this year," said Zhou Mi, a researcher at the Beijing-based Chinese Academy of International Trade and Economic Cooperation, adding that such measure is the acceleration of the establishment of a unified national market.

Last year, the government introduced new policy measures to encourage global companies to establish research and development centers in China, said another report delivered by the National Development and Reform Commission, at the first session of the 14th National People's Congress on Sunday.

Wang Hao, president of Siemens Healthineers China, a German healthcare equipment provider, said China's unwavering determination to expand high-level opening-up has encouraged the company to deepen its integration into the country's economic growth.

With 3 billion yuan ($434.32 million) of investment, Siemens Healthineers will open a laboratory diagnostics plant in Shanghai later this year. This move will not only strengthen the local industry chain but also contribute to the high-quality development of China's healthcare industry, he said.

Raymund Chao, a member of the 14th National Committee of the Chinese People's Political Consultative Conference and global consultancy PwC's chairman for the Asia-Pacific and China, said the digital economy, green development and technological innovation have become new engines to speed up global economic recovery.

Due to the high growth rate achieved by Chinese companies in these fields, China is expected to play a bigger role in attracting global talent and foreign investment in these areas in the next stage, he said.

Aside from attracting foreign investment, China's high-level opening-up will provide strategic guidance and policy support for Chinese multinational corporations to become global leading brands, said Ding Shizhong, a CPPCC National Committee member and board chairman of Anta Group, a sportswear manufacturer based in Jinjiang, Fujian province.