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American investment in China more than doubled last month from the year before, according to China’s commerce ministry. High tech sector took up almost one-third of the funding.
US investment in China grew significantly in January, thanks to China’s unremitting efforts last year to improve the country’s business environment to become more appealing to foreign investors, said Gao Feng, the spokesman of the Ministry of Commerce, at a press conference yesterday, without disclosing the sum.
Overseas capital in high tech services was CNY15.8 billion (USD2.3 billion) during the same month, more than two-fold from last year. The biggest part came from services in the field of information, followed by technological transformation, as well as research and development and design.
China is expected to attract high-end foreign investment in a centralized way, focusing on high-quality services and manufacturing, as well as large industries and projects, Liang Guoyong, an official from the Investment and Enterprise division under the United Nations Conference on Trade and Development, told Yicai Global.
China should continue widening its market access and provide targeted preferential policies, for example in the field of green economy, Liang added.
In February, the country’s two top policymakers of the National Development and Reform Commission and the Ministry of Commerce called for public opinions on the nation’s list of sectors where foreign investment is encouraged. That catalog suggests that eligible foreign-funded firms in the country’s western area may pay income taxes at a lowered rate of 15 percent, and companies that engage in intensive farming can get a 30 percent cut in land transfer fees, Gao said.
“We believe the catalog will better guide foreign investment, facilitate industrial upgrades and promote the Chinese economy to develop,” Gao said.
Foreign investment in Southeast Asia rose 11 percent last year to USD145 billion, which has posed a nearby rival to China.
Source: yicaiglobal.com
