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China to promote foreign investment in manufacturing

China to promote foreign investment in manufacturing

An employee works at a packaging line for chicken vaccine at Ringpu Biotech in Tianjin, China on Sep 8, 2021. (File photo: Reuters/Tingshu Wang)

BEIJING: China said on Tuesday (Oct 25) it will promote foreign investment with a focus on manufacturing industries, after President Xi Jinping called in China to "win the battle" in core technologies during the Communist Party Congress that ended over the weekend.

China will encourage foreign enterprises to invest in high-tech equipment and components, according to a statement published on the website of National Development and Reform Commission, China's powerful planning agency.

China will also strengthen financial support for foreign enterprises, including fund-raising by eligible enterprises through listings on China's stock markets, the statement said.

China's economy grew 3.9 per cent in the September quarter from a year earlier, rebounding at a faster-than-expected pace, although the outlook was overshadowed by aggressive COVID-19 related curbs, a prolonged property slump and the global economic downturn.

Tuesday's statement also promised support for foreign enterprises posting personnel to China.

"China will facilitate the entry and exit to the country of multinational companies' executives, technicians and their families, under the prevention and control of COVID-19."

Source: Reuters/st

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