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Speech by Chen Deming,Minister of Commerce of China at International Investment Forum 2009
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| CIFIT
2009-9-16 15:30:00 |
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Honorable State Councilor Ma Kai, Vice Chairman Li Wuwei,
Distinguished guests,
Ladies and gentlemen,
Good morning!
Welcome to the beautiful “Island of Egrets” for the 13th China International Fair for Investment and Trade and the International Investment Forum 2009. Please allow me to extend my warmest welcome to all of you on behalf of the Ministry of Commerce of the PRC.
The ongoing once-in-a-century financial crisis has seriously impacted the development of the world economy, and China is not spared. As a result of the crisis, China’s FDI inflows have declined for ten straight months and enterprises “going global” have met with serious challenges. In the first seven months of this year, China approved 12,264 new foreign investment enterprises and utilized foreign funds of USD 48.4 billion, down by 27.4% and 20.4%, respectively. In the first half of this year, non-financial direct outward investment amounted to USD 12.4 billion, also down by a considerable margin from the same period of last year.
To effectively tackle the ongoing financial crisis, the Chinese Government will continue to adhere strictly to its fundamental national policy of opening up to the outside world, whereas its proactive strategy of efficiently utilizing foreign capital will remain unchanged. China will also combine the attraction of foreign capital with the improvement of indigenous innovation capabilities, optimization of the structure of the industries, and promotion of balanced regional economic development. Moreover, China will provide proactive support and guidance to competent Chinese enterprises to “go global”, explore new areas and channels of outward investment and cooperation, and encourage them to participate and compete in the international market at a higher level and in a broader spectrum of sectors.
In order to further promote two-way investment, we plan to take the following actions in the immediate future in order to inject fresh vitality into the troubled world economy.
- Further expand the depth and width of the opening-up drive in a comprehensive manner, across a broader range of sectors, and at various levels. Press ahead with the opening-up of the services sector in a proactive and steady manner, and gradually reduce the restrictions of the equity caps for foreign investment; research in and improve related supporting policies, and encourage border areas to speed up development through opening-up; strengthen the development of all types of special economic zones, such as national-level economic and technological development zones and border economic cooperation zones, so that they will play a greater role as a gateway and showcase of the open economy and exert a greater stimulatory effect.
- Further open up more sectors to cooperation, innovate investment methods, and optimize the structure of foreign investment. Adopt effective measures to encourage foreign investors to invest in the high-tech industries; vigorously push ahead with the development of the modern services industries, especially the service outsourcing industry; and steer foreign capital to the clean energy, energy conservation and environmental protection industries. Facilitate the relocation of the open-style industries to China’s central and western regions and allow eligible foreign investment enterprises to be listed on domestic stock exchanges in order to enhance their development capability in China.
- Further improve legislation and the regulatory environment for two-way investment. Focusing on the “facilitation”, deepen the reform of the administration system for foreign investment and outward investment cooperation, reduce review and approval requirements, standardize review and approval practices, and improve review and approval efficiency. Strengthen and improve administration services for foreign investment enterprises, and gradually provide foreign investment enterprises with national treatment. Constantly improve the building of the policy promotion, service and assurance system in support of enterprises “going global”, and speed up the cultivation of various types of intermediary service providers, build an overseas safety network, and improve measures for handling overseas disputes and emergencies.
- Further strengthen standardized administration of enterprises “going global”. Step up training for enterprises and guide enterprises to operate in conformance to laws and economic rules, abide by the laws and regulations of China and their host countries, respect local customs and norms, conduct business within the limits of laws, and adhere to the code of ethics and honor their contracts; properly handle their relations with the governments of their host countries, the local society and stakeholders, actively fulfill their social responsibilities, and strive for harmonious coexistence, mutual benefits and win-win results with the local community.
Ladies and Gentlemen,
Speeding up trade and investment facilitation and deepening comprehensive reform are the shared wishes of nations around the world. In line with the advocacy for “opposing protectionism” and “opposing the creation of new barriers to investment or trade in goods and services”, China is looking forward to further strengthening cooperation with other nations around the world and will adopt more proactive and effective measures to cope with the tough times. We are confident that as long as we join hands and work together, we will be able to overcome all adverse effects from the international financial crisis and achieve new development in the world economy. The Ministry of Commerce will continue to provide investors from all countries with comprehensive high-quality services and cooperation facility.
I wish the CIFIT and the International Investment Forum a great success.
Thank you very much.
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