China's western region attracts surging FDI in Q1: MOC

Updated: April 30, 2021 Source:
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Foreign direct investment (FDI) into China's western region, in actual use, surged 91 percent year on year in the first quarter of this year, the Ministry of Commerce (MOC) said Thursday.

MOC spokesperson Gao Feng has attributed the jump, compared with 38.2 percent in the eastern region and 36.8 percent in central China, to the low base last year as well as the country's policy guidance.

Last year, China revised an industry catalogue that names more sectors encouraging foreign investment.

According to the catalogue, eligible enterprises could enjoy a reduced corporate income tax rate of 15 percent, tax exemption on equipment for self-use, and preferential land supply for intensive land projects in the western regions of China.

The sub-catalog of competitive industries in western regions encouraging foreign investment has introduced 34 new items.

China has opened more sectors to foreign investors, strengthening their confidence in investments in the country's western regions, Gao said.

Editor: 王予