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China still bonanza for foreign investors: official

Xinhua, January 6, 2017 Adjust font size:

China will continue to offer rich opportunities and remarkable returns for foreign investors, Vice Minister of Commerce Wang Shouwen said Friday.

The world's second largest economy expects 10 trillion U.S. dollars worth of domestic demand in the next five years, as it maintains a 6.5 percent growth rate, Wang said at a news briefing.

More sectors, including those previously deemed sensitive, will be open to foreign investment, he said, saying a slew of soon-to-be-released pro-investment measures will be the latest boost to foreign investors' fortunes.

The measures, approved by the State Council on Dec. 28, 2016, aim to ensure equal treatment for foreign investors and ease restrictions, while opening accounting and auditing, architecture design and rating services to foreign investment for the first time.

Foreign investors are now even more well-positioned to cash in on China's steady economic growth and robust retail sales, the vice minister said.

Major overseas businesses have generated 1.5 trillion yuan (216.7 billion U.S. dollars) in profits in the first 11 months of 2016 on the Chinese mainland, he said, citing data from the National Bureau of Statistics.

That was a 10.8 percent year-on-year increase, he added, as he dismissed concerns of waning investment returns in China.

Data from the the European Union Chamber of Commerce in China showed more than two-thirds of EU companies' operations in China were profitable in 2016, and about half plan to expand investment in the country, Wang said.

The American Chamber of Commerce in China said 68 percent of its members plan to expand investment in China.

Fortune 500 companies including Volkswagen, BMW, Air Liquide and IKEA have increased investment in China, further testimony to the country's friendly investment environment, the vice minister said.

Foreign investment into China was estimated at 785 billion yuan in 2016, ranking the first among developing countries for 25 consecutive years.

The country remains one of the world's most attractive investment destinations despite the world economic slowdown, growing protectionism and strong investment headwinds globally. Endi