China Advances Policy Mix in Efforts to Attract FDI

A report from chinadaily.com.cn on Mar. 1st, 2024:

China will continue working toward the swift implementation and effectiveness of the policy package aimed at enhancing the investment climate for foreign businesses and attracting more foreign investment, the Ministry of Commerce said on Wednesday.

The policy mix, rolled out in August by the State Council, China’s Cabinet, after pooling feedback and concerns facing foreign companies in terms of the country’s business environment, has witnessed significant progress in the delivery of most of the initiatives, the ministry said in a statement.

Throughout last year, the country saw a significant increase in the number of newly established foreign-invested enterprises. Data released by the ministry showed that 53,766 companies were set up nationwide in 2023, representing a year-on-year growth of 39.7 percent.

Going forward, the ministry will work closely with related departments and localities to solicit feedback and recommendations from foreign companies, conduct comprehensive assessment of policy execution and enhance their sense of gain, the ministry added.

Representatives from nine foreign business associations in China, including the American Chamber of Commerce in China, the National Committee on United States-China Relations, and the European Union Chamber of Commerce in China attended the meeting, as well as more than 60 representatives from foreign companies operating in China.

Noting that China will put the stability and growth of foreign investment high on its economic agenda this year, Friday’s meeting emphasized the need to channel more efforts toward expanding market access, fostering a fair competitive climate, and facilitating innovative factors.

Meanwhile, more forceful measures will be employed to forge a world-class, market-oriented business environment governed by a sound legal framework, in order to bolster the confidence of foreign investors in expanding their presence in China and improve the overall quality of the investment and trade environment, the meeting said.