Press conference on guiding principles of the 4th plenary session of the 20th CPC Central Committee

Market News International:

During the 14th Five-Year period, foreign direct investment growth slowed down. In which areas will the 15th Five-Year Plan further expand openness and attract foreign investment?

Mo Gaoyi:

Mr. Wang will answer this question.

Wang Wentao:

Thank you for your question. In March this year, while meeting with representatives of the international business community, General Secretary Xi Jinping fully affirmed the important role of foreign investment and expressed China's firm resolve to further expand its opening up. Looking back at the 14th Five-Year Plan period, China's use of foreign investment has continued to grow steadily. Over $720 billion in foreign investment was actually utilized, more than 240,000 new foreign-funded enterprises were established, and China maintained its strong position as a major destination for global investment. Second, in terms of quality, more than one-third of foreign investment flowed into high-tech industries. Numerous landmark projects have been launched in sectors such as automotive manufacturing, health care and electronic information, and the number of regional headquarters and R&D centers established by multinational companies in China has grown substantially.

What I want to emphasize is that going forward, whether in opening up or attracting investment, we will not engage in practices that seek self-interest at the expense of others or zero-sum competition. Instead, we will pursue mutual benefit, win-win cooperation, and shared development. Our efforts will focus on two key areas.

On the one hand, we need to fully leverage the advantages of China's large market. China currently has a population of more than 1.4 billion, and over the next decade or so, the middle-income group is expected to exceed 800 million, creating enormous market potential. We will vigorously boost consumption, build the "Shop in China" brand, and stimulate spending on both goods and services. We will accelerate the development of new quality productive forces, promote industries such as AI, biotechnology, and new energy, and make China's large market a place where global enterprises can test, apply and profit from innovations. We will accelerate the development of a high-standard market system, and uphold market principles, the rule of law and international standards, and create a world-class business environment that is market-oriented, law-based, and internationalized. Many multinational companies have told us that investing in China is not an option, but a necessity.

On the other hand, we need to turn China's vast market into a big opportunity for global investors. We often say that foreign companies are not outsiders but part of the family, and China's super-large market is also an opportunity for foreign businesses. For example, in our car trade-in program, we give foreign brands the same treatment as domestic ones. Foreign brands account for one-third of all cars sold under the trade-in initiative. We will further reduce market entry barriers as early and as quickly as possible. The service industry is the next priority for opening up. We will expand pilot programs in value-added telecommunications, biotechnology and wholly foreign-owned hospitals, and gradually expand openness in the education and cultural sectors. We will continue to optimize our services, hold roundtables for foreign companies, and turn companies' lists of demands into our lists of services. We will enhance the "Invest in China" brand so that foreign enterprises can make long-term investments and prosper here and benefit from China's new development opportunities.

Recently, a lot of attention has drawn to China-U.S. economic and trade issues. General Secretary Xi Jinping emphasized that dialogue and cooperation are the only correct choice for China and the U.S. As a responsible major country, China has consistently opposed decoupling and cutting industrial and supply chains and remains firmly committed to maintaining the security and stability of global production and supply chains. The first four rounds of economic and trade negotiations have fully demonstrated that China and the U.S. can find ways to address each other's concerns on the basis of mutual respect and equal consultation, identify the right way to get along, and promote the healthy, stable and sustainable development of their economic and trade relations.

Thank you.