EYEAFRICA TV: Shanghai Municipality, East China: As China is adopting more measures toward higher-level opening up, foreign investment has thrived in the country.
Data from the Ministry of Commerce (MOC) shows that foreign direct investment on the Chinese mainland expanded by 6.6 percent year on year to 752.41 billion yuan in the first 10 months of this year. During the January-October period, a total of 33,407 new foreign-funded enterprises were established.
“The world economy is still recovering and growing with a low speed. Foreign investments are optimistic about China’s stable investment environment, the stable development of China and the trend of consumption upgrading. They are voting with their feet and give a high mark to China’s business environment,” said Dong Yan, researcher with the Institute of the World Economy and Politics at the Chinese Academy of Social Sciences.
German chemical giant BASF on Saturday officially launched its largest-ever investment project in Guangdong province, with financing estimated to reach up to 10 billion U.S. dollars upon completion.
The BASF smart Verbund project, located in the city of Zhanjiang, will initially include plants to produce engineering plastics and TPU serving a range of key industries. They are expected to go into production by 2022.
“It is a great feeling because it is a very important milestone in BASF’s history. It is the largest investment we have ever done in the history. And it is our first ‘Verbund’ site in China, which is under own direction of BASF,” said Martin Brudermuller, Chairman of the Board of Executive Directors and Chief Technology Officer (CTO) of BASF SE.
To provide stronger protection and a better business environment for foreign investors, China has adopted a series of measures, including the passing of the foreign investment law which will become effective on January 1, 2020.
“It will help in building a business environment that is more transparent, open, fair and views all companies as equals. It will promote more innovations, high-end and high-quality developments. We are eagerly looking forward to the implementation of the foreign investment law,” said Yang Xiaoping, president of BP China and chairman of BP China Holdings Limited.