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BIZCHINA / Center
Trade and investment boom
By Jiang Wei (China Daily)
Updated: 2007-09-20 09:26
Between 2003 and 2006, US$29.3 billion of foreign capital poured into
manufacturing in the sectors of communications equipment, computers and
electronics. But foreign IT giants are looking beyond China as a
manufacturing base and setting up research and development centers in the
country.
Foreign-invested companies have become part of the Chinese economy, and
play the most active part in the country as it faces up to global
competition, said Wang Zhile, director of the Multinational Enterprise
Research Center under the Ministry of Commerce.
Foreign-invested companies contribute a third of China's industrial
output, a fifth of the tax revenue and 20 million jobs.
With new regulations on mergers and acquisitions of Chinese businesses by
foreign investors, the practice has become an important way to attract
foreign investment and help domestic firms access advanced technologies
and management expertise.
Branching out
Chinese companies have made remarkable progress over the past four years
in overseas investment since the government began encouraging qualified
firms to do so.
China's outward investment is a "win-win" strategy, as the capital flow
not only creates jobs at the investment destination and boosts the local
economy, but also helps Chinese firms to diversify the origin of their
products and thus avoid trade conflicts, the NBS said.
By the end of 2006 there were 30,000 Chinese-funded companies in 160
countries and regions with an accumulated foreign investment of $75
billion.
Chen Lin, deputy director of the commerce ministry's foreign economic
cooperation department, predicted China's outward investment will speed
up as the country's economic growth remains steady and foreign investment
is high.
"We expected the country's outward investment to reach $60 billion during
the 11th Five-Year Plan period (2006-10). Now we believe the actual
figure will be much higher than that," he said.
(For more biz stories, please visit Industry Updates)
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