• Wed. Feb 1st, 2023

China to promote foreign investment in manufacturing – Reuters

ByINVESTOR

Oct 25, 2022

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[1/3] An employee works at a packaging line for chicken vaccine at Ringpu Biotech in Tianjin, China, September 8, 2021. Picture taken September 8, 2021. REUTERS/Tingshu Wang

BEIJING, Oct 25 (Reuters) – China said on Tuesday it will promote foreign investment with a focus on manufacturing industries, after President Xi Jinping called in China to “win the battle” in core technologies during the Communist Party Congress that ended over the weekend.

China will encourage foreign enterprises to invest in high-tech equipment and components, according to a statement published on the website of National Development and Reform Commission, China’s powerful planning agency.

China will also strengthen financial support for foreign enterprises, including fund-raising by eligible enterprises through listings on China’s stock markets, the statement said.

China’s economy grew 3.9%in the September quarter from a year earlier, rebounding at a faster-than-expected pace, although the outlook was overshadowed by aggressive COVID 19-related curbs, a prolonged property slump and the global economic downturn.

Tuesday’s statement also promised support for foreign enterprises posting personnel to China.

“China will facilitate the entry and exit to the country of multinational companies’ executives, technicians and their families, under the prevention and control of COVID-19.”

Reporting by Liangping Gao and Ryan Woo; Editing by Edmund Klamann

Our Standards: The Thomson Reuters Trust Principles.

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