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Nation to assist foreign investors to upgrade quality-driven

China decided to promote major foreign investment projects in 2019 and encourage more foreign capital to participate in the quality-driven development of the domestic manufacturing industry, the spokesperson of China's top economic planner said on Tuesday.

"Based on last year's major projects funded with foreign investment, we will further promote major projects with foreign investment this year, and will provide faster green channels to help with those projects. We encourage foreign investors to participate in our high-quality development of the manufacturing industry," said Meng Wei, spokesperson of the National Development and Reform Commission (NDRC), at a press conference in Beijing.

These policies are aimed to facilitate high-tech manufacturing, and they're also intended to support the basic manufacturing industry, Ma Yu, a research fellow at the Chinese Academy of International Trade and Economic Cooperation under the Ministry of Commerce, told the Global Times on Tuesday.

"China has large room for development in the basic manufacturing industry. As long as a foreign investor can promote the economy, and enhance China's manufacturing capability and international competitiveness, we could let them in," Ma said.

Market access in the services sector will be expanded, according to Meng, especially for areas such as telecommunications, education, medical care and culture, and the opening-up measure will include allowing sole foreign ownership.

Meng applauded the positive effects of the new version of the negative list for overseas investment, which was released in June 2018. She said it is biased, irrational and irresponsible for some to show too much concern on the 22 terms of the negative list. "The new version of the negative list for overseas investment will help stimulate a new round of foreign investment in China," she added.

For example, Tesla Inc is building a Gigafactory in Shanghai, including a research and development center there.


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