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Nation to hold 'Invest China' event amid slew of measures to draw foreign investment Release date: 2024-03-25    Source:Global Times

Increased policy support to boost appeal to foreign investors: experts

Chinese Vice President Han Zheng will attend and deliver a speech at the "Invest China" event in Beijing on March 26, the Chinese Commerce Ministry (MOFCOM) said on Friday. The high-profile event demonstrates China's strong commitment to attracting foreign investment with proactive measures as the country embarks on high-level opening-up, experts said.

The kickoff event under the brand "Invest China" will be held on March 26 in Beijing and more will be organized as the year goes on to provide investors from all countries opportunities to visit China, learn about China and invest in the country, He Yadong, a MOFCOM spokesperson said at a press conference on Thursday.

So far, more than 100 senior executives from multinational companies and foreign business councils have signed up for the event, where they will learn about China's foreign investment policies, have matching events with regional governments and on-site visits, He said.

"We invite multinational companies to invest in China and experience its diverse modernization. We will also have overseas campaigns to introduce China's resources, industrial foundation and business environment," He said.

As part of the "Invest China" event, MOFCOM will invite multinational companies to visit Southwest China's Chongqing Municipality from April 1 to 3 to promote imported products and enlarge investments, and the ministry will invite targeted attendees such as exhibitors of the China International Import Expo and multinational corporations, He said.

"Invest China" is a great opportunity to showcase China's openness and will provide confidence, opportunities, and services to foreign investors to explore the Chinese market," Bai Ming, a research fellow at the Chinese Academy of International Trade and Economic Cooperation, said on Friday.

Activities such as interpreting China's foreign investment policies, facilitating exchanges and connections between local governments and multinational company executives, and conducting on-site visits are crucial for gaining a firsthand understanding of China's investment environment, Bai said.

The "Invest China" campaign is part of a broad 24-point action plan to attract foreign investment released on Tuesday, which outlines various measures to attract foreign investment, including expanding market access in key industries and facilitating cross-border data flows and business travel.

"Invest China," as a brand, will be further promoted to showcase China's superior business environment and investment opportunities to overseas investors.

The slew of proactive measures including the "Invest China" event not only showcases the country's vibrant market that is full of opportunities, but also sends a clear message of its commitment to openness against the complex and changing world economy, Wang Peng, an associate researcher at the Beijing Academy of Social Sciences, said on Friday.

With its technological innovation capabilities, world-renowned infrastructure and abundant talent pool, China continues to be an attractive destination for foreign investors seeking collaboration and growth opportunities, Wang added.

China will refine the negative list for foreign investment, carry out pilot programs to ease access for foreign investment in scientific and technological innovation, and allow wider participation by foreign financial institutions in banking and insurance, according to the plan.

"China's rapid advancements in technology, particularly in artificial intelligence, new energy and biotechnology, are positioning the country as a global leader in innovation. This presents lucrative opportunities for foreign investors, allowing them to benefit from China's high-quality development," Wang said.

Data flow between foreign-invested enterprises and their headquarters and travel for business personnel will be facilitated, and the management of work and residence permits will be optimized as well, according to the plan.

"Increasing policy support and ongoing efforts to optimize the business environment will further enhance China's appeal to foreign investors, signaling a promising future for increased foreign investment in the country," Lin Xianping, a professor at Hangzhou City University, said on Friday.

In the first two months of 2024, China saw 7,160 newly established foreign invested companies, up 34.9 percent from a year ago, MOFCOM data showed. Investment in high-tech manufacturing totaled 28.27 billion yuan ($3.91 billion), up 10.1 percent year-on-year.

By Qi Xijia