Hundreds of millions of US dollars of projects are accelerated and the actual use of foreign capital in my country continues to grow, and the structure of investment attraction is more optimized
Recently, major foreign-funded projects in many places have been accelerated. According to statistics from the Ministry of Commerce, in the first half of the year, the actual capital received by large projects exceeding US$100 million increased by 30.2% year-on-year, accounting for more than half of the country’s attracted foreign investment, and the driving effect was obvious. The actual use of foreign capital in my country has continued to grow, and the structure of foreign investment has been optimized.
A reporter from the Economic Information Daily noted that the Ministry of Commerce and other relevant departments are also intensively deploying more measures to stabilize foreign investment, including accelerating the revision and publication of the “Catalogue of Industries Encouraged for Foreign Investment”, improving the dynamic update mechanism for the list of key foreign investment projects, and launching a new batch of national A series of favorable policies, such as key foreign investment projects and the establishment of comprehensive pilot areas for the expansion of the service industry, are expected to be implemented in the second half of the year. The analysis believes that with the effective policy, more foreign-funded enterprises are expected to increase their investment in China, and promote the continuous improvement of the quantity and quality of foreign investment throughout the year.
On August 9, the opening ceremony of the first phase of the Skechers China Logistics Center and the groundbreaking ceremony of the second phase were held in Taicang Port, Jiangsu. The reporter learned that the total investment of the Skechers China logistics center project exceeds 3 billion yuan. After all of them are completed and put into operation, Taicang will become Skechers’ dual online and offline warehouses in China.
Previously, the SK30GWh power battery project in Yancheng, Jiangsu successfully completed the capping of the main steel structure on July 30, one month ahead of schedule. The total investment of the project is 2.53 billion US dollars, which is the largest foreign investment project in Yancheng in recent years. It is planned to be completed in December this year. After the project is put into operation, the annual sales will increase by 20 billion yuan, providing better support for the development and growth of Yancheng’s new energy automobile industry. and support.
Projects like this are not uncommon. Since the beginning of this year, Merck’s advanced semiconductor integration base has signed a contract to settle in Zhangjiagang, Jiangsu, and the large-scale upgrading project of the BMW Brilliance production base (Rida factory) with a total investment of 15 billion yuan has officially opened. At the same time, with the full liberalization of foreign equity ratio restrictions in the auto manufacturing sector, foreign auto companies such as Volkswagen, Hyundai and Scania have increased their investment in China, which has also led to auto parts manufacturers such as Eaton Cummins to expand their investment in China.
The latest data from the Ministry of Commerce shows that in the first half of the year, my country’s actual use of foreign capital was 723.31 billion yuan, a year-on-year increase of 17.4% on a comparable basis. The structure of foreign investment has been optimized, and the manufacturing and high-tech industries have achieved “double promotion”, and the actual use of foreign capital has increased by 54.8% and 33.6% year-on-year respectively.
It is worth noting that major foreign-funded projects have an obvious leading role. In the first half of the year, the actual capital received by large-scale projects with contracted foreign capital of more than 100 million U.S. dollars increased by 30.2% year-on-year, accounting for 53.2% of the total foreign investment in the country.
The implementation of the project is inseparable from the policy support. Chen Chunjiang, director of the Foreign Investment Department of the Ministry of Commerce, introduced at a recent press conference that since the beginning of this year, the Ministry of Commerce, together with relevant departments and localities, has introduced a series of policies and measures to ensure the reasonable demand for the elements of key foreign-funded projects and promote the accelerated construction of a number of key projects. and to capital.
Chen Chunjiang also pointed out that the current stabilization of foreign investment still faces challenges. In the second half of the year, we will adhere to both promoting growth and stabilizing stock, doing a good job in attracting, securing and stabilizing business, giving full play to China’s comprehensive advantages in attracting investment, and attracting more multinational companies to invest in China and share dividends.
In terms of specific arrangements, it includes accelerating the revision and promulgation of special policies such as the “Catalogue of Industries Encouraged for Foreign Investment” and “Administrative Measures for Strategic Investment in Listed Companies by Foreign Investors”, improving the dynamic update mechanism for the list of key foreign investment projects, launching a new batch of national key foreign investment projects, Many measures such as promoting the establishment of comprehensive pilot areas for the expansion of the service industry and opening up are being accelerated and are expected to be implemented in the second half of the year.
In addition, the introduction of investment in the manufacturing sector is expected to welcome more positives. The Ministry of Industry and Information Technology stated at a recent press conference that at present, my country’s manufacturing industry is increasingly attracting various resource elements, and more and more foreign capital is actively investing in key areas such as advanced manufacturing, high-tech, energy conservation and environmental protection.
Yao Jun, deputy director of the Planning Department of the Ministry of Industry and Information Technology, proposed that in the next step, the Ministry of Industry and Information Technology will expand the high-level opening of the manufacturing industry and actively create a market-oriented, legalized and international business environment for fair competition. “It is necessary to support foreign investment in increasing investment in China, encourage foreign investment to invest in advanced manufacturing, high-tech and other fields, and use the ‘through train’ and ‘green channel’ and other ministry-province linkage service guarantee mechanisms to fully support the accelerated implementation of key foreign-funded projects.”
At the local level, measures have also been introduced to promote the implementation of major foreign-funded projects. For example, Zhejiang issued ten measures to support the stabilization of foreign trade and foreign investment, and clearly established a coordination mechanism to ensure the elements of major foreign investment projects. Jinan proposed that in the second half of the year, a list of the city’s foreign investment projects to be invested will be established, and more than 40 key projects will be accelerated.
Nie Pingxiang, a researcher at the Research Institute of the Ministry of Commerce, told the Economic Information Daily that from the perspective of these policy arrangements, the central and local governments have paid more attention to the leading role of major foreign-funded projects, and provided various element guarantees and financial support for the signing of projects. “The continuous improvement of the working mechanism and safeguard measures will greatly facilitate the implementation of major foreign-funded projects and further enhance foreign investment confidence.”
Relevant data also confirms this trend. The “Business Confidence Survey 2022″ released by the European Union Chamber of Commerce in China on June 20 shows that European companies in China continue to be optimistic about China’s R&D and innovation environment, and recognize China’s status as an important innovation center. Reports from the German Chamber of Commerce in China and the American Chamber of Commerce in China pointed out that over 70% of German-funded companies and over 60% of US-funded companies plan to increase investment in China, and many well-known multinational companies have increased their presence in China around the low-carbon sector.
The reporter learned that recently, the China Council for the Promotion of International Trade has organized a number of foreign-funded enterprise symposiums in the domestic sub-regions. Foreign-funded enterprises participating in the symposium generally believed that China’s economy is resilient and has comprehensive competitive advantages in terms of market size, industrial facilities, infrastructure, and business environment. grow together.
“Due to the huge attraction of the domestic market to multinational companies and the introduction of a series of policies and measures to stabilize foreign investment, such as deepening opening up and improving the environment, it is expected that my country’s foreign investment will continue to maintain a ‘double improvement’ in terms of quantity and quality throughout the year.” Nie Pingxiang further analyzed the scale of foreign investment. In terms of quality, it will continue to maintain rapid growth; in terms of quality, relying on the traction of major foreign-funded projects, it will invest more in high-tech fields. At the same time, with the continuous advancement of the construction of a new development pattern and the construction of a unified domestic market, the investment potential of the central and western regions will continue to be released, and the growth rate of foreign investment will be significantly accelerated. (Reporter Wang Wenbo and He Leijing)