Foreign Enterprises in China Vote in Confidence with Practical Actions - Perspective on China's Foreign Investment Absorption Data in the First Quarter

2023-04-21

The latest data from the Ministry of Commerce shows that from January to March 2023, the actual use of foreign investment in China reached 408.45 billion yuan, a year-on-year increase of 4.9%. On the basis of last year's high base, China's utilization of foreign investment continues to maintain growth, confirming that China remains one of the most attractive investment destinations in the world. Foreign enterprises have cast a vote of confidence in China's economic development through practical actions. On April 6th, Airbus signed an agreement to build a second production line in Tianjin to expand the final assembly capacity of the A320 series aircraft. Shi Lunpu, General Manager of Airbus Tianjin Aircraft Delivery Center, stated that due to the strong recovery of the Chinese economy, the spring of the Chinese civil aviation market is approaching. Airbus predicts that in the next 20 years, the average annual growth rate of China's air transportation volume will reach 5.3%, significantly higher than the world average of 3.6%. Currently, there is significant downward pressure on global economic and trade investment, and uncertain factors are still fermenting. The rebound of the Chinese economy, just like the current warm spring and vibrant spring, has provided valuable certainty for the uncertain world economy and opened up vast opportunities for the global business community. In January, Mercedes Benz's pure electric vehicle upgrade and renovation project with a total investment of over 1.8 billion yuan officially began in Beijing; In February, Maersk, a shipping and logistics company, launched the construction of the Lingang Integrated Logistics flagship warehouse project with a total investment of over 1 billion yuan in the new Lingang area of Shanghai; In March, biopharmaceutical company AstraZeneca announced another expansion of production investment in China, deepening cooperation with Qingdao in the construction of regional headquarters and rare disease highlands; In April, electric vehicle manufacturer Tesla announced an increase in investment and will build a new energy storage super factory in Shanghai, making it Tesla's first overseas factory outside the United States; Looking at the whole country, a number of foreign-funded projects with sufficient value and strong driving force are accelerating their implementation. According to data from the Ministry of Commerce, from January to March, large projects with contracted foreign investment of over $100 million actually received foreign investment of RMB 223.28 billion, a year-on-year increase of 10.4%. The actual use of foreign investment in high-tech industries reached 156.71 billion yuan, an increase of 18% year-on-year. Multinational companies generally reflect that the Chinese market is highly attractive and will continue to promote cooperation with China in multiple fields, "said Shu Jueting, a spokesperson for the Ministry of Commerce. According to incomplete statistics, over 300 new foreign investment projects have been signed this year, involving key industries such as biopharmaceuticals, advanced manufacturing, chemical energy, and modern service industries. According to Meng Wei, spokesperson for the National Development and Reform Commission, the total planned investment for the first six major foreign investment projects in China is 170 billion US dollars, with individual project investments exceeding 1 billion US dollars. Currently, more than 63 billion US dollars have been invested. These projects have outstanding technological leadership, which is beneficial for China to supplement its weaknesses and promote industrial transformation and upgrading; It is conducive to driving the coordinated development of upstream and downstream enterprises, promoting industrial clustering development, and stimulating local employment, with high economic and social benefits. The Guangdong special promotion event for the "Year of Investment in China" has achieved 74 foreign investment cooperation projects with a total investment of 90.5 billion yuan, with multiple investment measures taken to stabilize the stock, expand the quantity, and improve the quality; At the 2023 Shanghai Global Investment Promotion Conference, 26 representative projects including artificial intelligence and biopharmaceuticals were held on-site

Edit:Hou Wenzhe    Responsible editor:WeiZe

Source:XinhuaNet

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