China to relax entry for investment
Print Edition
CHINA will lower the entry barrier for foreign investors and speed up the revision of relevant laws, spokesman for the Ministry of Commerce Shen Danyang said yesterday.
China will further relax restrictive measures on foreign investors and encourage them to invest in the high-tech, green and service industries, where domestic supply falls short, Shen said at a press conference.
The country will also speed up the revision of regulations on foreign investment with a specific law to be enacted.
Wang Guoqing, spokesman for the annual session of the Chinese political advisory body, also said yesterday that China’s business environment for foreigners had improved, not worsened.
In 2015, China attracted 781.4 billion yuan (US$119 billion) in non-financial foreign direct investment, up 6.4 percent from 2014.
The country continues to be the world’s top investment destination with the most prospects for 2016 and 2017, according to a survey conducted by the United Nations Conference on Trade and Development.
Shen also said foreign investors can participate in the reforms of Chinese state-owned enterprises through mergers and acquisitions.
“We support foreign participation in China’s SOE reforms,” he said. “Considering China’s limited capacity in handling various resources, the move by some foreign companies taking over SOEs can help in activating the market vitality and facilitating the SOE reforms.”
Shen said such investment can help introduce better management techniques and enhance the competitiveness of Chinese companies.
Mergers and acquisitions have become an important model of foreign direct investment. Last year, 38 percent of global investments were conducted through M&As — a growth rate of 61 percent from a year earlier.
Foreign investors spent US$17.8 billion to take over SOEs in China, or 14.9 percent of the country’s 781.3 billion yuan foreign direct investment in 2015.
“It is normal and the proportion is much lower than the global average of 38 percent,” Shen said. “We don’t consider it a wave of foreign M&As of Chinese SOEs.”
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