Economy

China welcomes global investment

By Zhang Zhao (China Daily)
Updated: 2010-11-12 16:39

China is making an effort to building a fair market to attract overseas investment, China's vice-premier told the gathering of CEOs in Beijing, adding that the meeting with its influence, will promote global business cooperation, last Saturday.

At the opening ceremony of the fourth International CEO Roundtable of Chinese and Foreign Multinational Corporations, Zhang Dejiang, member of the Political Bureau of the CPC Central Committee, and vice-premier of the State Council, said that the multinationals "are and will always be an important driving engine of the world economy and social progress."

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More Chinese enterprises have been going global recently, with 44 mainland companies listed on the Fortune 500.

"China has introduced capital, technology, talent and management expertise from foreign countries with sincerity and responsibility since the opening-up policy began in 1978," Zhang said. "And we have become one of the major destinations of global investment."

China has attracted more than $1 trillion in overseas investment, with about 700,000 overseas enterprises, including more than 470 of the Fortune 500, setting up offices in China.

The nation's exports amounted to $1.01 trillion over the first nine months this year.

The overseas companies in China are contributing 28 percent of the industrial added value and more than half of the total volume of imports and exports. Also, they provide about 45 million jobs.

"China and the multinationals have proven to be win-win partners," said Zhang. "We've made a successful model of international investment cooperation."

Through a series of actions for coping with the recession, China has made a contribution to global economic recovery, he said.

Zhang said he hopes more overseas investment will go to the service economy, advanced manufacturing, and high-tech sector, and that more regional headquarters, R&D centers and delivery centers need to be established in China.

In the opening speech of the roundtable, he highlighted the need for social responsibility among the multinationals.

"As multinationals play an important, influential role in economic and social development, they are being asked to take on more social responsibilities. In this way they can help with the individual development of their employees, promote social harmony, and foster a better environment for future development."

Zhang said that China will continue to improve its laws and policies governing foreign businesses to ensure an open and transparent legal environment.