China Attracts US$131 Billion Foreign Investment Last Year: NDRC
China has attracted 131 billion US dollars in foreign direct investment (FDI) last year, ranking the second in the world, Ning Jizhe, deputy head of the National Development and Reform Commission (NDRC), said on Tuesday.
In the past four decades of China’s reform and opening-up, foreign investment has been an important part of the Chinese economy, accounting for almost half of the country’s imports and exports and 25 percent of its industrial output, he told reporters at a press conference on the sidelines of the ongoing annual session of the National People’s Congress, China’s national legislature.
He noted that foreign enterprises in China contributed to about 20 percent of the tax income and more than 10 percent of the jobs in the country.
Ning said that China would take a series of new measures this year to solicit more foreign investment and would greatly relax market access, promote investment facilitation and encourage foreign capital entry in more regions.
He said that China would fully open up its general manufacturing and substantially improve the opening level of the service sector and assured a fair competition between domestic and foreign enterprises in an all-around way.
Meanwhile, China’s rapid economic growth has brought opportunities for foreign companies, Ning said.
Ning attributed China’s achievement in attracting overseas investment to its efforts in opening up and improving the investment environment.
In 2017, China released two key documents to encourage foreign investment, including more than 40 specific measures to expand opening up and create the equal market.
In addition, China also amended the foreign investment catalogue in 2015 and 2017, lifting more than half of the restrictions on foreign investment.