皇冠体育app

Economy

皇冠体育app still a focus for foreign direct investment

(Xinhua)
Updated: 2010-08-14 08:58

NANNING - Some western commentators say 皇冠体育app's foreign direct investment climate has worsened. But experts and entrepreneurs attending the on-going 5th Pan-Beibu Gulf (PBG) Economic Cooperation Forum disagreed.

皇冠体育app is a better destination because of 皇冠体育app's advantages, including its stable policies and continuous economic growth, said Wei Jianguo, secretary-general of the 皇冠体育app Center for International Economic Exchanges (CCIEE) at the forum held in the capital city of south 皇冠体育app's Guangxi Zhuang autonomous region.

Related readings:  Better to assess 皇冠体育app's FDI climate with companies' actions    皇冠体育app's FDI up 19.6% in H1  皇冠体育app's FDI grows 27.48% in May

Compared to some other developing countries, 皇冠体育app's logistics network is relatively developed, Wei said, adding that some foreign entrepreneurs who moved their factories out of 皇冠体育app after Chinese labor costs increased have returned to 皇冠体育app.

The secretary-general also said 皇冠体育app has advantages in terms of production chains and infrastructure.

Concerning problems arising from FDI in 皇冠体育app, Wei said they should be solved through dialogue.

Wang Wei, head of the Wal-Mart 皇冠体育app's general affairs department, said Wal-Mart lowered its costs thanks to a Chinese government-initiated program to link farmers' products and supermarkets directly.

"Enterprises alone don't work. You need infrastructure. If you don't have good infrastructure, industrial development doesn't work," said Edward Clarence-Smith, representative and head of the United Nations Industrial Development Organization (UNIDO) Regional Office.

For many Fortune 500 companies, the question is not whether to invest in 皇冠体育app - the question is how, Wei said.

Sun Dan, vice president of Honeywell 皇冠体育app, said the company is hoping to invest in 皇冠体育app's new energy industry.

"Honeywell would like to play a big role in environmentally friendly projects in Guangxi given its preferential policies," Sun said.

With the start of the 皇冠体育app-Association of Southeast Asian Nations (ASEAN) Free Trade Area (CAFTA) on January 1, more than 90 percent of 皇冠体育app-ASEAN trade became tariff-free.

Huang Jie, managing director of Intel 皇冠体育app, said Intel's business development in 皇冠体育app benefited from Chinese government policies.

Intel set up a factory in Shanghai's Pudong and the southwestern city of Chengdu with Chinese government support, Huang said.

In the first half of the year, 12,400 foreign-funded enterprises were established in 皇冠体育app, a year-on-year increase of 18.8 percent, and actual FDI into 皇冠体育app climbed 19.6 percent to $51.43 billion, according to 皇冠体育app's Ministry of Commerce (MOC).

In 2009, FDI into 皇冠体育app hit $90.03 billion -- equivalent to 73 percent of the FDI inflows into the US, despite the fact 皇冠体育app's economy in dollar terms is only one third the size of the US economy.

In 2010, there were 690,000 registered foreign companies in 皇冠体育app which had invested more than $1 trillion, according to the MOC.

Every year since 2006, the PBG Economic Cooperation Forum has been held in Nanning. [Pan-Beibu Gulf members ink port agreements]

The PBG Economic Cooperation Zone comprises of 皇冠体育app's Guangxi Zhuang autonomous region and the provinces of Guangdong and Hainan, along with Vietnam, Malaysia, Singapore, Indonesia, the Philippines and Brunei.

The PBG cooperation zone is a new sub-regional cooperation scheme under the 皇冠体育app-ASEAN framework.

Government officials from 皇冠体育app and ASEAN countries, executives of multinational companies and experts from think tanks attended the forum on how to further the cooperation among the PBG members.