An employee introduces products from Novozymes A/S, a Denmark-headquartered biotech giant, to a visitor during the Food Ingredients China 2021 held in Shanghai in June 2021. FDI inflows into China surged more than 55 percent from 2012 to 2021. (PHOTO/CHINA DAILY)
The country's newest catalog of industries for encouraging foreign investment has taken effect on Jan 1. The catalog continues to encourage foreign investment in manufacturing and enhance industrial and supply chains while also promoting the integration of the services and manufacturing sectors.
In October, China unveiled 15 new measures to promote foreign investment in manufacturing. These included promotion of signing and implementation of foreign investment projects and encouragement to foreign investment in areas like high-end equipment and key components.
Several factors are helping China to attract FDI to its manufacturing sector, experts said.
Among them are the country's complete industrial chain, stable supply chain, huge domestic market, improving business environment and, most importantly, a large population of skilled workers, engineers and researchers, Zhang said.
Zhang also said she expects the Chinese government to make more moves to increase FDI inflows and improve FDI structure in manufacturing.
Latest data from the Ministry of Commerce showed FDI in actual use in the Chinese mainland rose by 6.3 percent to 1.23 trillion yuan in 2022.
The manufacturing sector received 323.7 billion yuan in foreign investment that was actually used in 2022, up 46.1 percent.
High-tech industries saw a 28.3 percent rise in FDI. Specifically, foreign investment in electronic and communication equipment manufacturing soared 56.8 percent, while that in the scientific and technological achievement transformation services segment jumped 35 percent.
According to the China FDI Report 2022, which was released by the Institute of International Economy under the University of International Business and Economics in December, China experienced a surge of more than 55 percent of FDI inflows from $111.72 billion in 2012 to $173.48 billion in 2021.
Meanwhile, the FDI structure had also got enhanced. The proportion of FDI in high-tech industries in the overall FDI was 30.2 percent in 2021, while in 2012, the corresponding figure was only 14.1 percent, according to the report.
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