MOC to unveil new batch of policies to stabilize foreign investment in China

Photo taken on Sept. 30, 2020 shows the street view of the Lujiazui area of Pudong, east China's Shanghai. (Xinhua/Wang Xiang)

China's Ministry of Commerce (MOC) will promptly introduce a new batch of policies to stabilize foreign investment, reported Shanghai Securities News Wednesday quoting an official.

The new policies will include launching a new version of the industry catalog that encourages foreign investment, further expanding the scope to encourage foreign investment in advanced manufacturing, scientific and technological innovation, and modern services, and guiding foreign investors to increase investment in manufacturing and research and development in China, said Guo Tingting, assistant commerce minister of China, at a press conference held Tuesday.

MOC will also promote the establishment of more comprehensive pilot areas for further opening-up in the service sector, introduce more pilot measures for reform and innovation, replicate and promote the new pilot results, and propel institutional opening in the service sector nationwide.

At present, the comprehensive trial in expanding the opening-up in the service sector has been carried out in Beijing, Tianjin, Shanghai, Hainan and Chongqing. In the first seven months of this year, the above-mentioned five places attracted 33.3 billion U.S. dollars of foreign investment in the service sector, up 27.6 percent year on year, 13.6 percentage points higher than the national level, and accounting for 35.8 percent of the national total foreign investment attracted by the sector.

It is learned that to stabilize foreign investment, MOC will also further improve services for foreign investment, and strengthen regular communication and exchanges with foreign-funded enterprises and foreign business associations through various ways such as seminars and video conferences to respond to the demands of foreign-funded enterprises.