China's Dominance

China Issues Action Plan to Attract Foreign Investment

Main image to the post China Issues Action Plan to Attract Foreign Investment

The recently unveiled action plan by the General Office of the State Council in China underscores the country's commitment to attracting foreign investment and creating an environment conducive to its utilization. Foreign investment is recognized as a crucial element in China's progress towards modernization and economic growth, playing a vital role in promoting the overall welfare of the Chinese economy as well as the world economy.

In order to enhance the country's appeal to foreign investors and facilitate a more robust utilization of foreign investment, the action plan stresses the importance of implementing the new development concept comprehensively. It aims to establish a top-tier business environment characterized by market orientation, adherence to laws, and a strong international presence to bolster the confidence of foreign investors in China's development prospects. The plan outlines 24 specific measures that span five key areas, including broadening market entry, increasing attractiveness to foreign investment, ensuring fair competition, facilitating innovation factor flow, and aligning domestic regulations with high-standard global economic and trade norms.

One notable aspect of the action plan is the intention to reduce restrictions on foreign investment highlighted in the negative list, coupled with the introduction of pilot initiatives to ease entry barriers for foreign involvement in scientific and technological innovation initiatives. Additionally, the plan focuses on broadening foreign financial institutions' access to sectors like banking and insurance, and expanding the operational scope for these entities in the domestic bond market. The plan also outlines strategies to expand the Catalogue of Encouraged Industries for Foreign Investment and the list of significant foreign-funded projects, with a view to offering increased policy backing for attracting foreign investment.

Moreover, the plan lays out initiatives to support the smooth flow of data between foreign-funded enterprises and their headquarters, streamline international business personnel exchanges, and enhance the administration of work and residence permits for foreign nationals in China. The comprehensive measures outlined in the action plan collectively aim to create a business environment that is more welcoming and supportive of foreign investment to drive economic growth and development in China.

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May 21, 2023 | 05:09