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New measures give fillip to foreign capital

By LIU ZHIHUA | China Daily | Updated: 2022-06-01 08:53
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Technicians discuss products at a joint venture in Suzhou, Jiangsu province. HUA XUEGEN/FOR CHINA DAILY

China will accelerate major foreign investment projects to attract foreign investment-a key point in the stimulus package of 33 measures unveiled by the State Council, China's Cabinet, on Tuesday to stabilize economic growth.

The package covers fiscal, financial, investment and industrial policies. It comes amid growing downward pressure on the world's second-largest economy exerted by difficulties and challenges from unexpected factors, such as the domestic resurgence of COVID-19 cases and geopolitical tensions in Europe.

Analysts said foreign investors are important contributors to China's economic development, and the nation is expected to further stabilize foreign investment to inject new impetus into economic growth.

"The new measures are a strong and positive signal to foreign investors that China wishes to expand cooperation with foreign enterprises and welcome them to realize stable and long-term growth in China," said Zhou Mi, a senior researcher at the Chinese Academy of International Trade and Economic Cooperation in Beijing.

He also said Chinese authorities always welcome the views of foreign enterprises so that policies can be tweaked to better address certain issues relating to business environment and balance in economic development.

Based on foreign investment projects that have been included in the Chinese government's special working mechanisms and green-track programs for foreign investors, the nation will review and greenlight such projects entailing large investments, strong spillover effect and a wide coverage of upstream and downstream industries.

The revision of the industry catalog of sectors that encourage foreign investment will also be sped up, to guide foreign capital into fields like high-end manufacturing and scientific innovation, as well as into central, western and northeastern regions.

The nation will also support foreign investors that seek to establish research and development centers in high-tech and emerging tech, apart from expanding enterprises' cross-border financing channels, enhancing communication with foreign chambers and enterprises, and facilitating foreign businesses.

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