Confidence of foreign investors not affected by China's macro-control policy

The policy that the Chinese government has adopted to adjust the country's economy has not affected the confidence of foreign investors in the Chinese market, said Chong Quan on September 7, Director of General Office of Ministry of Commerce and the spokesman for the organization committee of the Eighth China International Investment -Trade Fair held in Xiamen.

From January to July this year, 25217 foreign funded enterprises got approval from the Chinese government to build their business here in China, a rise of 13.36 percent over the same period of the last year. The contractual foreign capital valued 82.656 billion USD, an increase of 39.69 percent over the first seven months of the last year. And 38.403 billion USD was actually used, 15.14 percent higher than the same period of last year.

At the press conference for the Eighth China International Investment-Trade Fair in Xiamen, Chong explained that China's macro-control efforts, including tightening land use and credit extension, on preventing the whole economy from being affected by overheating investment in some fields like iron and steel have reaped fruits which had been expected. The purpose of the policies, he noted, has been to ensure a healthy and stable development of the country's economy. And this, he believes, will bring even better conditions for foreign investors interested in China market and thus attract more foreign capital.

China acknowledges the important contribution of foreign investment in China to the restructuring of the national economy and to the employment. China has led the developing world since 1993 in terms of absorbing foreign capital. By the end of 2003, China's actual use of foreign direct investment had totaled 501.5 billion USD.

Chong reiterated China's strategy of "usher-in" and "go-out" in the times of globalization in a bid to participate into the international economic cooperation in a larger scale, wider fields and higher level.

Data from the Ministry of Commerce records that China had made 33.2 billion USD direct investment in overseas market by the end of 2003. This proves that the "go-out" policy has begun to work.

By People's Daily Online