The Ministry of Commerce (MOFCOM) hopes to step up foreign investment in China with the launch of a year-long promotional campaign.
MOFCOM held the first promotional event for the “Year of Investment in China” on March 29 in Guangdong province, with the signing of several major foreign-invested projects with a total value of 90.5 billion yuan
These projects included the China South Manufacturing Base Project in Foshan by Germany’s SEW-EURODRIVE; the Production and Manufacturing Base Project in Shenzhen launched by Sweden’s Hexagon, and South Korea’s SK Polyester New Materials Project.
According to a report from Shanghai Securities News, central government departments including MOFCOM and the National Development and Reform Commission (NDRC) are currently mulling a range of policy initiatives to better attract more foreign investment.
The “Year of Investment in China” will see the launch of a series of investment promotion activities as a “key measure to implement the decision-making and deployment of the CPC Central Committee and the State Council to attract and utilise foreign investment with greater effort.”
Since the start of the year, Beijing has drummed up efforts to attract more investment from abroad. The 2023 Government Work Report called for attracting and utilising foreign more investment, while foreign investment was also a key theme at the China Development Forum 2023 that was held in March by the State Council.
At the forum, senior officials from MOFCOM, NDRC, the Ministry of Industry and Information Technology (MIIT), and the Ministry of Finance (MOF) all remained on point in delivering the message that opening up remans a “fundamental national policy,” and that China will “continue to promote investment facilitation and trade liberalization, give equal treatment to all types of entities including private and foreign-funded enterprises, continuously optimize the business environment, and welcome investment and business into China.
“To walk together with China is to walk together with opportunities, and to invest in China is to invest in the future,” said the report from Shanghai Securities News.