Mainland China President Xi Jinping Announces Lifting of Restrictions on Foreign Investment in Manufacturing Sector
The President of Mainland China, Xi Jinping, delivered a keynote speech at the opening ceremony of the 3rd “Belt and Road” International Cooperation Summit Forum yesterday (18th). During his speech, President Xi revealed that China is set to comprehensively lift restrictions on the entry of foreign investment in the manufacturing sector, signaling a significant liberalization move.
Growth in Foreign Investment Absorption Reflects Confidence in Chinese Economy
According to the “Statistical Bulletin of China’s Foreign Investment 2023,” foreign investment absorption in China is projected to continue its steady growth trajectory. The report indicates that the actual consumption of foreign investment in 2022 will reach a record-breaking $189.13 billion, reflecting a sizeable increase of 4.5%. Furthermore, for the first time in terms of RMB, the investment surpassed 1.2 trillion yuan. Notably, the high-tech industry has emerged as a crucial driver of this growth, with the European Union and East Asia making substantial investments in China, recording increases of 95.3% and 9.5%, respectively. Additionally, data from the Ministry of Commerce reveals a 35.7% growth in the establishment of new foreign-invested enterprises, with a total of 24,000 such entities established in the first half of 2023.
A Breakthrough in Opening China’s Economy to the World
Bai Ming, a member of the academic degree committee and researcher at the Research Institute of the Ministry of Commerce, highlighted the significance of lifting restrictions on foreign investment in the manufacturing sector, stating that it signifies a complete opening up of China to the world. The expansion of the manufacturing negative list to the national negative list for foreign investment entry demonstrates China’s commitment to further opening up its economy. This move, termed as the high-level opening model, involves a trial period followed by nationwide implementation, accentuating China’s determination to expand foreign investment.
Mr. Bai emphasized that the encouragement of foreign manufacturing investment aligns with China’s aim to transition from being a large manufacturing country to a powerful manufacturing country. By attracting foreign investment, China intends to strengthen its position in the global industrial and supply chains. He added, “Leveraging our status as the world’s largest manufacturing country, we aim to enhance our manufacturing prowess, benefiting from high-quality components that can expedite the path to a powerful manufacturing nation while improving efficiency.”
Mainland China President Xi Jinping. (Photo/Dazhi/Reuters)
The President of Mainland China, Xi Jinping, delivered a keynote speech at the opening ceremony of the 3rd “Belt and Road” International Cooperation Summit Forum yesterday (18th) and indicated that China will comprehensively lift restrictions on the entry of foreign investment in the manufacturing sector.
The “Statistical Bulletin of China’s Foreign Investment 2023” shows that the absorption of foreign investment in 2022 will continue to grow steadily. The actual consumption of foreign investment throughout the year will be 189.13 billion US dollars, an increase of 4.5%, which exceeds 1.2 trillion yuan for the first time in RMB terms. The high-tech industry has become an important growth point; the European Union, East Asia Xie investment in China increased by 95.3% and 9.5% respectively. In addition, data released by the Ministry of Commerce shows that 24,000 new foreign-invested enterprises were established in the first half of 2023, a growth of 35.7%.
According to a report by the Chinese media Jemian News, Bai Ming, a member of the academic degree committee and researcher of the Research Institute of the Ministry of Commerce, said that the lifting of restrictions on foreign investment in the manufacturing sector has completely released outsiders. world that China’s door to the outside world will open wider and wider, and all the better.” Previously, only the manufacturing negative list manufacturing free trade zone was cleared, but now it has been expand to the national negative list for foreign investment entry This is also the country’s high-level opening model which is first trialled and then promoted.”
He pointed out that encouraging foreign manufacturing investment will also help promote China’s transformation from a large manufacturing country to a powerful manufacturing country and strengthen China’s position in the global industrial chain and supply chain. “The country must take advantage of the world’s largest manufacturing country to move from a large manufacturing country to a powerful manufacturing country.” High quality components can shorten the path and improve efficiency.”
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