Published On: Fri, May 14th, 2021

China’s Commerce Minister Pledges Better Service For Foreign Enterprises

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News Investigators/ China’s Minister of Commerce, Wang Wentao, has pledged to enhance communication with foreign enterprises and chambers of commerce and provide better service.

Mr. Wentao made the remarks on Thursday at a symposium with foreign pharmaceutical companies, the American Chamber of Commerce in China and the European Union Chamber of Commerce in China.

He said that foreign investment had contributed actively to China’s economic development since its reform and opening-up more than 40 years ago, while foreign enterprises have also fully benefited from China’s development.

Mr. Wentao said that by the 14th Five-Year Plan period (2021-2025), China would accelerate the building of the new development paradigm featuring “dual circulation,” in which domestic and overseas markets reinforce each other, with the domestic market as the mainstay.

He said that the new development paradigm which is by no means a closed domestic loop but more open domestic and overseas circulations, was expected to provide more opportunities for foreign companies.

The minister said that for the next stage, the commerce ministry would work with relevant departments and local authorities to enhance communication with foreign companies and chambers of commerce to deal with their problems in a timely manner and provide better service for foreign enterprises.

Foreign companies participating in the symposium hailed China’s efforts in continuously improving the business environment in recent years, saying that they are willing to take part in China’s building of the new development paradigm and increase investment in China.

Also, China has recorded four per cent growth in Foreign Direct Investment (FDI) inflows in 2020, making it the largest recipient of FDI in the world, according to a report from the UN Conference on Trade and Development.

Data from the commerce ministry showed that in the first four months of 2021, FDI into the Chinese mainland, in actual use, surged 38.6 per cent year on year. (Xinhua/NAN)

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