China renews pledge for wider market place access for foreign investors

BEIJING (Reuters) – China’s commerce ministry stated on Wednesday it will continue to push for the relaxation of market place access for foreign investors, renewing efforts to lure foreign capital as the world’s second-biggest economy emerges from 3 years of COVID disruptions.

As China reopens following dropping its zero tolerance policy for COVID-19 in December, convincing foreign investors to return to China will assist reinvigorate an economy that grew at its slowest prices final year in half a century.

China will “assist foreign providers seize the chance to deepen their presence in China,” Shu Jueting, a commerce ministry spokesperson, told reporters.

Shu told reporters that China will also “steadily expand institutional openness.”

A day earlier, China restored the issuance of all categories of visas to foreigners in a move that was largely welcomed by foreign company groups in the nation.

China’s fresh efforts to court foreign investors and corporations also came as international uncertainties, from wars to bank crises, push them to search for new secure havens.

“With a vast and open market place, China is certain to give even higher company possibilities for foreign providers in China,” former premier Li Keqiang stated in his final government function report at this year’s parliamentary meeting earlier this month.

“We ought to increase solutions for foreign-funded providers and facilitate the launch of landmark foreign funded projects.”

Final year, the Chinese economy expanded just three%, weighed down by restrictive COVID policies, a deep home slump and weak external demand for Chinese goods.

On Tuesday, Goldman Sachs raised its forecast for China’s gross domestic item development this year to six% from five.five%.

The commerce ministry’s Shu stated neighborhood governments and firms report that a drop in orders remains the largest challenge for 2023 trade improvement.

(Reporting by Joe Money, Liangping Gao and Ryan Woo Editing by Jacqueline Wong and Bernadette Baum)