(People's Daily Online) - Beijing, September 12 - In the
past 20 years, foreign owned companies have made a great
contribution to China's social progress and have become an
integral part of China's economy. Although China has enjoyed
rapid development and a wealth of capital, it will never stop
trying to attract foreign capital and it will never turn its
back on foreign companies. China's policy of investment and
cooperation will not change, said Wang Yang, deputy Prime
Minster of China's State Council.
The basic policy of attracting foreign capital has not changed.
With China's GDP ranking 2nd in the world, its companies are
becoming more competitive. The pattern of attracting foreign
investment inwards and encouraging domestic companies to go
abroad is shifting, but China's basic policy of attracting
foreign capital has never changed. To date it has attracted 1.5
trillion dollars in foreign direct investment, topping the
developing world for 22 years. In 2013 it attracted 124 billion
dollars and ranked 2nd in the world. At the same time,
foreign-owned companies have also gained great benefits in China
- 85% of foreign-owned enterprises are making profits and 90%
are willing to expand their investment in China."Money" is not
only the focus in terms of attracting foreign capital.
Foreign capital has two functions in reform and opening-up.
Foreign capital helps China to become the world's largest
trader, manufacturer and exporter, and plays a role in helping
China to integrate into the world.
However, in the process of attracting the foreign capital China
has not significantly improved its technology and scientific
research level. Wang Yang noted that it is important to
introduce advanced technology, sophisticated management
techniqes, and intellectual resources. To set up an economic
system consistent with international rules plays a key role in
upgrading China's economy.
Creating a fair investment environment is the key.
Creating a fair investment environment is an increasingly
important means of attracting foreign capital. A fair
competitive environment is more attractive to foreign companies
than preferential policies. As a result, China will make its
market more open to outside investors and supranational
privilege will be eliminated in attracting foreign capital.
Private, state-owned and foreign enterprises should be treated
equally.
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