Closure of Seagate factory in China a "normal business decision": MOC

The recent move by American computer hardware manufacturer Seagate Technology to shut a plant in China was a "normal business decision," China's Ministry of Commerce (MOC) said Thursday.

"The closure of the Seagate factory in Suzhou, eastern China's Jiangsu Province, was based on the company's adjustment of its global operation strategies," said MOC spokesperson Sun Jiwen at a press conference.

Earlier this week company officials said that the Suzhou plant, one of two Seagate assembly factories in China, had been closed due to weak global demand for laptops, personal computers and corporate hard-drives.

"We will continue to open up more and reduce restrictions on foreign investment in China," Sun said, citing China's latest measures to attract foreign investment and give investors easier access.

Foreign firms will face fewer restrictions when entering service, manufacturing and mining sectors, according to a State Council document released Tuesday. Entry controls will be relaxed for banks, securities brokerages, and futures and insurance companies, among other moves.

Sun said that China would continue to protect the legitimate interests of foreign-funded companies and foreigners in the country, and provide a law-governed and convenient business environment. Endi