China sees growing presence of foreign firms
BEIJING--Chinahasseenarapidlygrowingpresenceofforeign-fundedfirmsinitseconomyoverthepastfiveyearsthankstoamorefavorablebusinessenvironment,officialdatashowedTuesday.
Atotalof196,500foreign-fundedfirmswereestablishedfrom2011to2015,whichbroughtaboutaninvestmentof$1.39trillion,datafromtheStateAdministrationforIndustry&Commerce(SAIC)showed.
Thisbroughtthetotalnumberofforeign-fundedenterprisesinChinato481,200bytheendof2015,withaccumulativeinvestmentreaching$4.54trillion,accordingtotheSAIC.
Thenumberofnewforeignfirmsandtheamountoftheirinvestmentgrewfasterinthelastcoupleofyears,especiallyaftertheestablishmentoffreetradezonesinShanghaiandothercitiesorprovinces,andtheintroductionofreformsdesignedtofacilitateforeigninvestment,saidastatementoftheSAIC.
Duringthisperiod,theservicesectorattractedthemostforeigninvestment,withnearly160,000outofthe196,500firmsgoingintothesectorwithinvestmentsworth$598.3billion,theSAICdatashowed.
ThetrendwasinlinewithChina'soveralleconomicrestructuring.Foreignfirmshavebeenputtinganincreasingamountoffundingintowholesale,retail,renting,businessservices,scienceresearch,technologicalservicesandthefinancialsector,saidtheSAIC.
Inthemeantime,thenumberofforeign-fundedmanufacturingcompaniesinChinadippedbyanaveragepaceof3.3percenteachyearinthefiveyears,thedatashowed.
Inthe2016-2020period,Chinawillcontinueitseffortstomakethecountryapreferreddestinationforforeignfirms,officialshadsaidonmanyoccasions.
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