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Wu Yi: China to go further than WTO promises
By Zhang Jin (China Daily)
Updated: 2004-09-09 00:46
Vice-Premier Wu Yi pledged Wednesday that China will further improve the
investment environment to attract more foreign investors to fuel the country's
brisk economic growth.
Speaking at the opening of the eighth China International Fair of Investment
and Trade, which opened Wednesday in Xiamen, Fujian Province, Wu said the
central government will intensify its efforts to encourage domestic companies to
explore international markets.
Vice-Premier Wu Yi
holds up a gold key to open the Eighth China International Fair of
Investment and Trade in Xiamen of Fujian Province. The fair is known for
serving overseas investors coming to China and Chinese businesses going
abroad. [newsphoto] |
"The Chinese Government
encourages overseas companies to participate in China's drive of developing its
west and Northeast, increase their investment in the high-tech and research
sectors, establish more regional bases, and purchase centres and logistics
centres in China," Wu said.
Remarkable achievements have been made over the past 26 years in attracting
foreign investments thanks to China's efforts to improve its investment
environment and open its markets wider to the outside world, said Wu.
China has simplified administrative processes and has slashed the amount of
bureaucracy required to facilitate foreign investment in recent years, a move
that greatly improved foreign investors' confidence, said Wu.
This progress accelerated after the nation joined the World Trade
Organization (WTO) in late 2001, as China has fully stood by its WTO commitments
in tariff-reduction, the elimination of non-tariff barriers and the opening of
its service trade sector.
Wu pointed out that the nation has actually gone much further than its WTO
commitments.
For example, "China moved ahead of the deadline in loosening controls over
its foreign trading rights with the new Foreign Trade Law taking effect on July
1," she said.
And more efforts will be made to prevent the infringement of intellectual
property rights (IPR), said Wu. Foreign investors have complained that rampant
piracy and IPR violation in China are making it difficult for them to do
business.
"The Chinese Government attaches great importance to IPR protection," said
Wu.
"China's Supreme People's Court and the Supreme People's Procuratorate are
drafting legal interpretations concerning criminal penalties over IPR
violations, said the vice-premier, adding these are expected to be published
before the end of the year.
Until July, a total of more than 490,000 foreign-invested enterprises have
been set up in China with actual investment of US$540 billion.
Among world's top 500 multinational corporations, more than 400 have invested
in China. And 30 of them have set up regional bases in the country.
China has also witnessed the establishment of more than 600 foreign-invested
research and development centres, which demonstrates that the country's ability
to lure quality foreign funds has been greatly improved.
Meanwhile, the vice-premier also said it is equally important for Chinese
companies to "go global," as economic globalization continues to gather pace.
"To encourage capable Chinese market to go out is an important policy of the
Chinese Government," she said.
The move is of vital significance as the Chinese economy becomes increasingly
integrated with the world market.
Backed by the central government, China's outward investment has increased by
leaps and bounds, Wu said.
By 2003, Chinese companies had invested US$33.2 billion in 7,470 companies in
more than 160 nations and regions.
The money goes to a diverse range of businesses including manufacturing,
agro-processing, mining, project contracting, and research and development,
instead of the traditional sectors such as foreign trade, shipping and
catering.
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