The "Magnetic Force" of Attracting Investment Continuously Decreases and the Pace of Opening Up Continuously - Observations on China's Current Attraction of Foreign Investment
2023-10-05
During the golden autumn season, nearly 40 representatives of multinational corporations walked into Xiong'an New Area to explore the new opportunities for China's development hidden in this high-quality future city. Coincidentally, almost at the same time, the China Council for the Promotion of International Trade (CCPIT) bridged the gap and more than 20 multinational corporations came to Hefei, Anhui to exchange cooperation opportunities face-to-face with local government officials. As China's economy and society return to normal operation, such scenarios have frequently appeared in many provinces. Since the beginning of this year, multinational company executives have visited China intensively, and the depth and breadth of foreign investment in China have been continuously expanding. Tesla's newly built energy storage super factory will start construction in Shanghai, Starbucks will expand at an average speed of less than 9 hours per new store, and Danfoss Global Refrigeration R&D Testing Center will be put into operation in Tianjin... Business negotiations, cooperation orders, and project starts confirm that China has always been a hot land for foreign investment and business. The confidence of foreign-funded enterprises in deeply cultivating China has not changed. "The changes have been too great! Last time I came to Xiong'an, I only saw a few high-rise buildings, but now it seems like a modern new city that is growing in knots; Xiong'an prioritizes technological innovation as its development focus, which is very attractive to our biopharmaceutical enterprises; There is not only a livable environment here, but also advanced industrial planning; On September 22nd, Xiong'an New Area. The collective appearances of representatives of many Fortune 500 and industry leaders such as HSBC in the UK, Bayer AG in Germany, Starbucks in the United States, and Sanofi Group in France have become a landscape of this future city. Since the beginning of this year, although some indicators have fluctuated, the enthusiasm for foreign investment and enterprise establishment in China has not decreased. The latest data from the Ministry of Commerce shows that in the first eight months of this year, there were 33154 new foreign-invested enterprises established nationwide, a year-on-year increase of 33%. With the overall recovery of China's economy and stable investment confidence of multinational corporations in China, the overall trend of foreign investment in China has not changed, "said Lu Ning, Deputy Minister of Development Research Department of the China Council for the Promotion of International Trade. It depends not only on scale but also on structure. In the first 8 months, the actual use of foreign investment in China's high-tech manufacturing industry increased by 19.7%, with electronic and communication equipment manufacturing, medical equipment and instrument manufacturing increasing by 39.7% and 25.6%, respectively. In the high-tech service industry, the actual use of foreign investment in research and development and design services increased by 57.1%, and the quality of investment attraction continued to improve. Looking at the present, we also need to look at the long term. According to the "2023 Second Quarter Research Report on China's Foreign Business Environment" released by the China Council for the Promotion of International Trade, nearly 70% of surveyed foreign companies are optimistic about the prospects of the Chinese market in the next five years. From January to July this year, China's actual utilization of US capital increased by 25.5% year-on-year, indicating the confidence of US companies in China's business environment, "said Shu Jueting, a spokesperson for the Ministry of Commerce. Zheng Yi, President of the American Chamber of Commerce in Shanghai, stated that although there has been some uncertainty in investment in China by multinational companies, including American companies, due to geopolitical interference and the impact of the epidemic in recent years, the overall market potential in China is still optimistic and China continues to be regarded as an important strategic market. From a broader perspective, in the first eight months of this year, the actual investment in China by the UK, Canada, France, Switzerland, the Netherlands, and Germany increased by 132.6% and 1% respectively
Edit：He Chuanning Responsible editor：Su Suiyue
Source：xinhua
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