‘China’s opening conducive to foreign businesses’

BEIJING:

“China aims to facilitate easier access to work, study and travel for foreign nationals in the country. Its commitment to a wider opening and promoting mutual benefits creates a conducive environment for foreign businesses to thrive,” remarked Dr Abid Qaiyum Suleri, Executive Director of the Sustainable Development Policy Institute (SDPI).

“The well-developed infrastructure and complete industrial system in China enhance its attractiveness to foreign companies and investors,” he told China Economic Net (CEN).

On March 5, the 2024 Government Work Report was delivered during the Two Sessions, the yearly plenary meetings of China’s top legislature and top political advisory body.

It sets the country’s gross domestic product (GDP) growth target at around 5% for 2024 and lays out development goals for various sectors.

Shakeel Ramay, CEO of Islamabad-based Asian Institute of Eco-civilisation Research and Development, told a CEN reporter that one of the key areas of interest for foreign investors is the catalogue of encouraged foreign investment lists.

“China is moving well on this indicator, as the FI (foreign investment) list increased to 1,474 items (519 in the national catalogue and 955 in the regional catalogue), up 19% from 1,235 items (480 in the national catalogue and 755 in the regional catalogue) in the 2020 version,” he said.

“China is also opening the financial sector and allowing foreign enterprises to benefit from the financing opportunities,” he stressed. “The strength of the domestic market mechanisms to support the dual circulation model, vast network of economies under BRI and many other initiatives will continue to bolster its economy and the economy in the region,” he analysed. “A major driver of growth will be renewable energy and related industries and infrastructure.”

Published in The Express Tribune, March 10^th, 2024.

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