Nearly 97% foreign firms say 20th CPC National Congress boosts confidence: CCPIT survey
Published: Oct 27, 2022 08:33 PM
Sun Xiao, spokesperson for the China Council for the Promotion of International Trade (CCPIT) Photo: Courtesy of CCPIT

Sun Xiao, spokesperson for the China Council for the Promotion of International Trade (CCPIT) Photo: Courtesy of CCPIT

The vast majority of foreign businesses operating in the Chinese market commended China's development over the past decade and expressed stronger confidence in the Chinese market after the conclusion of the 20th National Congress of the Communist Party of China (CPC), a new survey showed on Thursday.

Confirming the growing confidence of global businesses in the Chinese market, China's actualized foreign direct investment (FDI) maintained solid growth in the first nine months of 2022, official data showed on Thursday, refuting foreign media's hype of foreign businesses leaving the Chinese market.

Following the successful conclusion of the 20th CPC National Congress, 96.7 percent of more than 500 foreign enterprises surveyed highly affirmed China's development achievements in the past decade, and 96.9 percent said that the successful conclusion had further boosted their confidence in the Chinese market, Sun Xiao, spokesperson for the China Council for the Promotion of International Trade (CCPIT), said on Thursday, citing a new survey the CCPIT conducted after the conclusion of the CPC National Congress.

A separate CCPIT survey also released on Thursday showed that in the third quarter, the satisfaction ratings of foreign enterprises on China's market access, promotion of market competition, access to business premises and financial services increased by 1.99, 1.84, 1.52 and 1.43 percentage points, respectively, over the second quarter.

Major global investment institutions expressed confidence in China thanks to the nation's stable social environment, huge economic potential, broad market space and other advantages, the CCPIT said.

Nearly 80 percent of foreign firms surveyed have maintained their current scale of production and business in China, while more than 5 percent have expanded investment as they prioritize strategic development in China, according to the CCPIT.

Such uplifting sentiment among foreign businesses was also reflected in China's FDI figures. From January to September, China's actualized FDI topped $155.3 billon, a year-on-year increase of 18.9 percent, data from the Ministry of Commerce (MOFCOM) showed on Thursday.

During the period, investment from Germany jumped by 114.3 percent year-on-year, South Korea 90.7 percent, Japan 39.5 percent and the UK 22.3 percent, according to the MOFCOM.

Shu Jueting, a spokesperson for the MOFCOM, said on Thursday that the ministry has been working to land a batch of key foreign-invested projects in the manufacturing sector, and it's been making smooth progress.

China's business environment leads the world due to its stable social and political environment, high-quality and abundant workforce, advanced infrastructure construction, including information technology facilities, and vast market potential, Dong Dengxin, director of the Finance and Securities Institute of the Wuhan University of Science and Technology, told the Global Times on Thursday.

Dong added that China's well-developed manufacturing industry and complete industrial chain can fully meet foreign investors' demand, from original equipment manufacturing to high-end research and design.

To further boost foreign investment, the National Development and Reform Commission, China's top economic planner, announced 15 measures earlier in October to facilitate the implementation of foreign-invested projects, including assisting international travel for key personnel and allowing foreign companies to raise funds on China's stock markets.

Dong noted that China's national treatment for foreign investment before and after entry is in place, while assorted negative and positive lists for foreign investment allow investors to have clear expectations and industrial guidance. 

China will likely to step up efforts in the two-way opening of the capital market with more potential inclusive policies, he said.