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China to intensify campaign for FDI: New Commerce Minister

China plans to intensify efforts to scout for Foreign Direct Investment (FDI) which showed signs of decline last year, newly appointed Commerce Minister Zhong Shan said today.

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China plans to intensify efforts to scout for Foreign Direct Investment (FDI) which showed signs of decline last year, newly appointed Commerce Minister Zhong Shan said today.

China will more briskly introduce foreign investment, Zhong said while addressing a meeting in Beijing.

Zhong promised more efforts in the area this year, including propelling the development of free trade zones, pushing for reforms in foreign investment management and improving the business environment.

FDI in China rose 4.1 per cent year-on-year last year, down from the 6.4 per cent in 2015.

China has been loosening the grip on the inflow of foreign capital as part of efforts to facilitate its opening up, reducing restrictive measures and opening more sectors.

In 2016, laws on foreign investment were amended, and measures were unveiled to simplify the approval procedure for foreign companies.

Zhong also hopes foreign-funded businesses will play a bigger role in boosting China's sluggish real economy, state-run Xinhua news agency reported.

Foreign companies generate nearly half of China's foreign trade, 20 per cent of tax incomes and a seventh of urban jobs during the past four years, he said.

Zhong was appointed Commerce Minister last week, replacing Gao Hucheng.

 

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)

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