China’s commerce minister pledges better service for foreign enterprises

China’s Minister of Commerce, Wang Wentao has pledged to enhance communication with foreign enterprises and chambers of commerce and provide better service.

Wentao made the remarks on Friday at a symposium with foreign pharmaceutical companies as well as the American Chamber of Commerce in China and the European Union Chamber of Commerce in China.

He said that foreign investment has contributed actively to China’s economic development since its reform and opening-up more than 40 years ago, while foreign enterprises have also fully benefited from China’s development.

He said in the 14th Five-Year Plan period (2021-2025), China would accelerate the building of the new development paradigm featuring “dual circulation,” in which domestic and overseas markets reinforce each other, with the domestic market as the mainstay.

According to the minister, the new development paradigm, which is by no means a closed domestic loop but more open domestic and overseas circulations, is expected to provide more opportunities for foreign companies.

He said for the next stage, the commerce ministry would work with relevant departments and local authorities to enhance communication with foreign companies and chambers of commerce.

Wentao said this would help to deal with their problems in a timely manner and provide better service for foreign enterprises.

Foreign companies participating in the symposium hailed China’s efforts in continuously improving the business environment in recent years and promised their willingness to take part in China’s building of the new development paradigm and increase investment in China.

According to a report from the United Nations Conference on Trade and Development, China recorded a 4-per cent growth in Foreign Direct Investment (FDI) inflows last year, making it the largest recipient of FDI in the world.

Commerce ministry data showed that the first four months of 2021, FDI into the Chinese mainland, in actual use, surged to 38.6 per cent year on year.