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FDI is still flowing despite downturn

By Li Hui (China Daily)
Updated: 2009-07-24 07:44

Foreign direct investment (FDI) in China still has strong potential to grow despite the ongoing financial crisis, said Li Zhiqun, director of the Foreign Investment Department of the Ministry of Commerce.

Li Zhiqun

Though the global financial crisis has dampened the willingness and capacity of multinationals to invest and hindered the global flow of capital, "China's political stability, rapid industrialization, urbanization and overall development still provide abundant opportunities for FDI," Li said.

The official, who just visited the Changhe-Suzuki Auto Co in Jiujiang of Jiangxi province, said its Japanese investors told him that they are delighted to see growth in sales in the first half of this year after China implemented a strategy to promote vehicle sales in rural areas.

"Very different from many other countries, China's strong domestic consumption offers tremendous opportunities to foreign investors," he said.

Over the past six years China has been the top country in the world for FDI, a position Li said the nation will maintain.

Related readings:  China's FDI falls 17.9% in first half  Foreign investment freefall eases  Used FDI down 20.4% in first five months in China  Shanghai simplifies investment norms for foreign firms

"China will continue expanding economic opening up, unveil more fields for foreign investors and streamline management mechanisms to attract even more investment," he said.

The CIFIT has served as an important window for foreign investors and helping Chinese enterprises go overseas.

"As such we will go all out to enhance the profile of CIFIT and make it more efficient," Li said.

The 13th CIFIT has significant importance to showcase China's confidence in maintaining its economic growth during the financial crisis, and its resolute steps in opening up and boosting confidence of foreign investors, he added.