China's status in global manufacturing to remain firm

Updated: August 21, 2020 Source: Xinhua News Agency
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China's manufacturing sector has weathered the test of COVID-19 and the country's status in the global manufacturing industry will remain firm, said the Ministry of Commerce on Thursday.

With abundant high-quality labor resources, sophisticated supporting facilities and infrastructures for industrial development, and a huge market with a population of 1.4 billion, China still has a competitive edge in the global manufacturing industry, said Gao Feng, spokesperson for the ministry, at a press conference.

Noting that some firms had adjusted their global industrial layout in recent years due to cost concerns, Gao said that such moves are normal under market economy rules.

China remains an attractive investment destination for global investors, Gao said, citing data on foreign investment this year.

Foreign direct investment (FDI) into the Chinese mainland, in actual use, expanded by 15.8 percent year on year in July, marking the fourth consecutive month for the country to witness positive FDI growth, latest data from the ministry showed.

The country will step up efforts to implement various policies amid the containment of COVID-19 and continue to promote a higher level of opening-up to the outside world, further improve the business environment, and continue to play its due role in stabilizing the global industrial chain and supply chain, Gao said.

Editor: Ting Liu