BEIJING, Dec. 22, 2023 /PRNewswire/ — A news report from China.org.cn on why China remains an attractive investment hub:
Siemens, a German multinational technology conglomerate, added another 1.1 billion RMB to its total investment in fixed assets to build an industrial automation production base in China; AstraZeneca, a biopharmaceutical giant, announced its decision to augment investment and production in China; the CEO of Starbucks told the press that the coffee chain will continue its vision of opening 9,000 branches in China by 2025… This year, many foreign investors made firm decisions to invest in China, a testament to their confidence in the Chinese market.
Their confidence in China stems from their positive visions for the nation’s economic outlook, as well as the sound measures China has taken to address concerns around foreign-invested companies.
The year 2023 is one of economic recovery following three years of COVID-19 prevention and control, and China’s economic growth is expected to reach 5.2% by the end of the year. Meanwhile, the country has opened its door wider to the outside world: Grand exhibitions including the China International Import Expo (CIIE), the Canton Fair and the China International Fair for Trade in Services all yielded fruitful results. Among them, the value of intended deals at the 6th CIIE saw a 6.7% year-on-year increase, meanwhile, the number of participating Fortune Global 500 companies and industry powerhouses broke a new record.
Problems encountered by foreign investors and business owners in China are also being addressed. Here are some examples.
In the past, equity investment from foreign investors was not allowed in China. But a few months ago, new policies were issued in China, stating that qualified foreign investors are encouraged to set up investment companies and regional headquarters, and enterprises funded and established by relevant investment companies can enjoy favorable treatment in accordance with relevant regulations.
Cross-border data flow is also an issue garnering broad attention. China also drafted a document and solicited public opinion. Once officially approved and practiced, some of the cross-border data flow processes could be streamlined.
Government procurement is an important channel for foreign-invested companies to share market opportunities in a host country. China has many times broken unreasonable restrictions on government procurement suppliers, to guarantee fair play for domestic and foreign-invested companies alike. The Foreign Investment Law, enacted in 2020, also ensured an equal playing field before the law.
What’s more, to further facilitate exchanges between the people of China and other countries, China has reduced the paperwork required for applying for a Chinese Visa, streamlining the entire process. Recently, China decided to implement a unilateral visa-free policy for ordinary passport holders from France, Germany, Italy, the Netherlands, Spain and Malaysia on a trial basis. Coming to China for business, education and traveling is becoming increasingly convenient.
These concrete efforts are in line with the requirements from the recently concluded central economic work conference. In the coming year, the world can expect more efforts of its kind from China.
