Green foreign trade to fuel innovation-led expansion

Revised measures

Extensive fact-finding activities are a key part of the thematic education campaign. Officials from the Ministry of Commerce have held roundtable meetings with foreign companies, set up task forces for key foreign-invested projects, and introduced new policy measures to shore up economic growth and push for continuous progress in deepening reforms and expanding opening-up.

In July, the ministry said the government would revise administrative measures for strategic foreign investment in listed companies. The move is aimed at encouraging overseas companies to invest in the Chinese stock market.

Guo Tingting, vice-minister of commerce, said that given the slowdown in global economic recovery and decline in cross-border investment, China will continue to shorten the negative list for foreign investment and offer overseas companies prompt assistance in solving their problems.

To encourage foreign companies to play a bigger role in the Chinese market, senior officials from the Ministry of Commerce have held a number of roundtable conferences and meetings this year with top corporate executives and heads of foreign business associations from Japan, Germany, the Netherlands, Singapore and the United States.

The officials said overseas companies could expect more growth opportunities, as China is progressing with domestic modernization in an all-around manner and unswervingly advancing high-standard opening-up.

Zhu Bing, director-general of the ministry's foreign investment administration department, said the arrangements for roundtable and regular meetings will further expand channels for gathering feedback on foreign companies' operational difficulties. This will help address their concerns promptly, in addition to assisting their stable development in China.

"Apart from effectively implementing existing policies, the government will give priority to addressing common concerns raised by foreign companies, including fair competition and investment facilitation," he said, adding that new measures will be introduced in the second half of this year to boost foreign investors' confidence in China.

The nation's massive market, well-developed industrial system and strong supply chain competitiveness were highlighted by Francis Liekens, vice-president for China at Atlas Copco Group, the Swedish industrial equipment manufacturer.

He said China remains one of the world's most dynamic markets. The country has witnessed persistent growth despite geopolitical changes and challenges posed by the COVID-19 pandemic. This trend will continue in coming years, Liekens added.

China is transitioning from being the "world's factory" to a high-end manufacturer as domestic consumption grows, Liekens said. The trend toward localization has fueled growth in many sectors over the past seven years, including electronics, semiconductors, automotive, petrochemicals, transportation, aerospace, and green energy. Atlas Copco will work with all industries in the country, but particularly with these sectors, Liekens said.

"We are benefiting from this favorable climate because we have invested a lot in innovation to develop and extend our local products and solutions," he said. "You have to develop, transform and be innovative to stay relevant in China, where competition is getting stronger and market needs change at the speed of light."