© Stocksak. FILEPHOTO: A worker works at Ringpu Biotech’s packaging line for chicken vaccination in Tianjin China, September 8, 2021. Picture taken September 8, 2021. REUTERS/Tingshu Wang
BEIJING (Stocksak), China announced Tuesday that it will promote foreign investments with a focus in manufacturing industries. This was after President Xi Jinping urged China to “win” the battle in core technologies during the Communist Party Congress, which ended over the weekend.
According to a statement on the website of China’s powerful planning agency, National Development and Reform Commission (China), China will encourage foreign companies to invest in high-tech equipment and parts.
China will also intensify financial support for foreign businesses, including fund-raising through eligible enterprises via listing on China’s Stock Markets.
China’s economy grew by 3.9% in the September quarter, compared to a previous year. However, this recovery was overshadowed and delayed by COVID 19-related curbs, a prolonged slump in property prices, and the global economic downturn.
Tuesday’s statement also promised support for foreign companies sending personnel to China.
“China will facilitate entry and exit to China of executives, technicians, and their families from multinational companies, as long as COVID-19 is not violated.”