Minister Wang highlights modernization; execs praise country's value proposition

 

China will communicate regularly with multinational corporations and address their concerns through its complaint response mechanism, enhancing their trust in its business environment, said the country's top commerce official.

 

"Through these efforts, we want global companies to invest confidently and comfortably in China," Commerce Minister Wang Wentao said in a CCTV interview on Thursday.

 

The Chinese path to modernization is a way of common prosperity for all the people. China welcomes companies from all other countries to share the dividends of its market and let China always be a favorable destination for global capital and business growth, he said.

 

Since the beginning of this year, numerous top MNC executives based overseas have repeatedly shown a strong interest in visiting China. They have engaged in discussions with business partners and held meetings with senior government officials in the country.

 

For instance, this year, Wang has met with a number of business leaders such as Tim Cook, CEO of United States-based tech giant Apple Inc, and Ola Kallenius, chairman of Germany's Mercedes-Benz Group AG. He also hosted a number of symposiums and roundtables for foreign-funded enterprises in Beijing and other Chinese cities to better understand their views.

 

"What foreign business executives talk about most is that they attach great importance to the Chinese market. This market has a huge scale, strong innovation vitality and a continually improved business environment," said Wang.

 

The latest data from the Ministry of Commerce showed these facts are effective in drawing foreign investors to China. Foreign direct investment used in the manufacturing sector in the first three quarters of this year amounted to 262.41 billion yuan ($36.01 billion), up 2.4 percent year-on-year, with FDI in high-tech manufacturing up 12.8 percent.

 

The commerce minister said MNC executives are optimistic about China's development prospects and are willing to develop their business further in China over the long run. Global companies especially look forward to the stability of China-US and China-EU economic and trade relations, which is crucial to their business growth.

 

Given the increased benefits and flexibility available to foreign companies seeking to enter or expand in the Chinese market, Henkel Group believes that China is cultivating an improved business environment, fortifying the assurance for foreign companies to expand within its market, said Rajat Agarwal, vice-president of the German industrial conglomerate.

 

Speaking at its booth during the sixth China International Import Expo in Shanghai, Agarwal, who is also president of Henkel China, said the company is currently building an innovation center in Shanghai. It will become the group's second-largest innovation center in the world after its completion in 2025.

 

"We will continue to invest in China to accelerate impactful local innovations, in particular in areas such as consumer electronics, mechanics, telecommunications, precision manufacturing and electric vehicles," he said.

 

Sharing similar views, Jasper Ang, president for Asia of the US-based Fortive Corp, said the company has seen remarkable achievements in core areas like manufacturing, energy and transportation against the backdrop of China's in-depth implementation of its innovation-driven development strategy and industrial upgrade.

 

Speaking at a weekly news conference in Beijing on Thursday, He Yadong, a spokesman for the Ministry of Commerce, said the government will solicit the opinions and suggestions of foreign enterprises and chambers of commerce, and work with related government branches to explore the possibility of further shortening the negative list of foreign investment in China's pilot free trade zones, to highlight high-standard opening-up.