China’s Minister of Commerce Chen Deming said in Beijing on the 20th that China’s transformation of its economic development mode and expansion of domestic demand will not only exclude foreign investment, but also play a more active role in foreign investment. China will develop and share prosperity with global capital.
At the China Development Forum held in Beijing, Chen Deming said that China has announced a foreign merger security review system, does not set new thresholds, administrative licensing procedures, and refers to the common practices of countries around the world to make policies more transparent, fair and operable; The abolition of tax incentives for foreign-invested enterprises is a requirement for fair competition; the policy of encouraging independent innovation covers all enterprises in China. In the field of government procurement, domestic and foreign-funded enterprises and products will be treated in full equality.
He said that all domestic and foreign-funded enterprises in China are treated equally. During the "Twelfth Five-Year Plan" period, China will adhere to both import and export, attracting both foreign investment and foreign investment, and raising the level of opening up as an important driving force for transforming the mode of economic development.
China is in the process of industrialization. Enterprises need a large amount of advanced technology and equipment, and they need to import fast electronic computers and CNC machines with higher precision. However, some countries ban the export of these things to China. What China needs to buy is blocked by the country's bill, which increases the difficulty of balancing trade between the two sides. Chen Deming hopes that the two sides can sit down and discuss how to improve the trade structure.
Chen Deming said that China’s trade surplus accounted for 3.1% of GDP last year and ranked ninth in the G20. This ratio is more appropriate for an emerging country. China will continue to expand imports this year, and the proportion of trade surplus to GDP is expected to continue to decline.
In 2010, the United States, the European Union, and Japan's exports to China all increased by more than 30%, far higher than their increase from China's imports. China has become the largest export market in Japan, South Korea, ASEAN, Australia, Brazil, South Africa and other countries and regions, the EU's second largest export market, and the United States' third largest export market. Chen Deming said that in the future China will continue to increase imports from least developed countries and major trading countries, and countries with major surplus countries.
He hopes that countries with large trade deficits with China will relax export control measures and create a favorable policy environment for promoting balanced development of bilateral trade. He also called on all parties to promote the Doha Round negotiation process.
While introducing foreign capital and exporting, China has continuously increased its foreign investment. In 2003, China’s foreign direct investment was only 2.8 billion U.S. dollars, and it has increased to 59 billion U.S. dollars last year, accounting for 60% of the foreign investment in that year. Chen Deming predicts that in another five to ten years, China will gradually realize the basic balance of capital's entry and exit. He hopes that some countries will give Chinese enterprises equal access and protect China's legitimate rights and interests.
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