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China is introducing new measures to stabilize foreign investment, the Ministry of Commerce said on Tuesday, noting that China remains an attractive destination for global investment contrary to “capital outflow” rumors.
China will accelerate the revision of the industry catalog to include more high-tech industries, in which foreign investments would be encouraged, as part of new measures to stabilize foreign investment, it said.
The revised version of the catalog aims to expand investment scales related to advanced manufacturing, scientific and technological innovation, and modern services, it added.
In the first seven months of this year, China’s inbound foreign direct investment (FDI) maintained steady growth and “foreign companies are still generally optimistic about the prospects of investment in China,” Guo said.
China’s actual use of foreign capital rose 21.5% year-on-year to $123.9 billion in the first seven months of this year, with investment from South Korea, the US and Japan seeing the fastest growth rates, according to the ministry.
“We will encourage more foreign-funded enterprises to visit the central, western and northeastern regions in China to inspect the business environment and expand investment,” it said.
A draft foreign investment list for 2022 will add 238 items, and up to 114 existing ones will be modified and expanded, compared with the 2020 version, with a focus of channeling more investment to the central, western and northeastern parts of China, according to a notice by the MOFCOM in May. The sub-catalog of competitive industries in the central and western areas encouraging foreign investment will introduce 188 new items and modify 52.
In addition, China will step up efforts to organize influential trade fairs, including the upcoming China International Fair for Investment and Trade (CIFIT) 2022 in Xiamen, Southeast China’s Fujian Province from September 8 to 11, to attract more foreign companies, Guo said.
As one of the most influential international investment events intended to facilitate foreign investment, this year’s CIFIT is expected to attract more than 80,000 entrepreneurs from over 100 countries and regions to attend both in person and online, said the MOFCOM.