China's top economic planner expects more foreign investment into manufacturing

October 25, 2022

China's top economic planner, the National Development and Reform Commission (NDRC), along with five other ministries, issued measures to facilitate the implementation of foreign-invested projects on Tuesday, according to the state-owned Global Times. Here are the bullet points of the measures： 1. Optimizing the investment climate and attracting more foreign investment. 2. Enhancing support services and stabilizing existing foreign investment. 3. Improving the quality of foreign investment. The measures also call for letting foreign investment boost the high-quality development of the Chinese manufacturing sector so that it further integrates into the global economy. The steady development of foreign companies in China will not only contribute to the growth of the Chinese economy but also produce a positive push to the world economy, Global Times said. The newspaper quoted Yao Jingyuan, a special researcher of the Counselors' Office of the State Council, as saying that under current complex economic pressures, investment in the manufacturing sector was still able to achieve a growth of 10.1% in the first three quarters, underscoring its potential. Manufacturing is set to further gain pace in the fourth quarter while playing an even more important role in the Chinese economy in 2023, said the researcher. Zhao Chenxin, a senior NDRC official, revealed at the press conference last week that China utilized 892.74 billion yuan ($124 billion) of foreign capital in the first eight months of this year, an increase of 16.4% year-on-year in comparable terms. Among these investments, foreign capital in high-tech industries increased by 33.6% year-on-year, and in the eastern, central, and western regions, it increased by 14.3 percent, 27.6%, and 43% respectively. https://en.pingwest.com/w/10918

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