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Chinese firms enjoy strong ODI sentiment

Chinese firms enjoy strong ODI sentiment

Leon Li 2023-02-23 17:01:13

Chinese enterprises' outbound direct investment witnessed steady growth last year, with more than 70 percent maintaining or expanding their scale of offshore investment over the period, said the country's top foreign trade and investment promotion agency on Wednesday.

In 2022, more than 80 percent of enterprises were optimistic about growth prospects of foreign investment, and about 90 percent were sanguine on investment opportunities in member countries of the Regional Comprehensive Economic Partnership agreement, according to a new survey released by the Beijing-based China Council for the Promotion of International Trade, or the CCPIT.

The survey found that polled enterprises have been generally satisfied with China's foreign investment policies and support services, and they hoped to further facilitate approvals and filings, simplify foreign exchange management, increase credit support and strengthen compliance management.

"The surveyed enterprises recognized the positive role of institutions and business associations in helping promote foreign investment," said Yang Fan, a spokeswoman for the CCPIT.

Addressing a news conference in Beijing, she said Chinese enterprises hoped that the one-stop service system for foreign investment can be further improved and provide more professional services for companies.

Last year, despite facing an adverse external environment, China's ODI reached 985.37 billion yuan ($142.8 billion), up 5.2 percent year-on-year. In particular, investment mainly flowed into sectors such as manufacturing, wholesale and retail. ODI in wholesale and retail sectors reached $21.1 billion, up 19.5 percent on a yearly basis, the Ministry of Commerce said earlier this month.

After China optimized its COVID-19 response measures and resumed quarantine-free cross-border travel in January after nearly three years, more domestic enterprises have been going abroad to expand their markets and log more orders.

So far this year, the CCPIT has accepted 519 applications from companies planning to take part in exhibitions overseas, with 50 exhibition organizers nationwide expected to participate in or hold exhibitions in 47 countries.

"China will continue to focus on promoting the stability, scale and structure of foreign trade, facilitate high-quality development of the Belt and Road Initiative, and focus on emerging markets and strategic emerging industries when participating or holding exhibitions overseas. In addition, we will actively guide Chinese enterprises to participate in renowned and iconic industry exhibitions in developed countries," Yang said.

The RCEP agreement, which took effect on Jan 1, 2022, includes 15 Asia-Pacific countries. In the latest development, the Philippines' legislature ratified the pact on Tuesday. The trade pact is expected to reduce up to 90 percent of tariffs on goods traded among members over the next two decades.

In January, applications for certificates of origin under the RCEP agreement reached 16,297, up 137.39 percent year-on-year. It is expected to reduce tariffs by $9 million for China's products exported to RCEP member countries, according to the CCPIT.

"The rapid growth in the number of applications shows that Chinese enterprises have become increasingly familiar with related policies of the RCEP pact, and the policy dividend is being gradually released," Yang said.

Enterprises in all fields, especially small and medium-sized enterprises, have been the main force contributing to regional economic recovery, said Chen Dehai, secretary-general of the ASEANChina Center.

The above news was excerpted from china daily by China towel supplier Shenzhen City Dingrun Light Textile Import and Export Corp.Ltd, a company specialized in producing baby diapers, baby bibs, beach towel, blankets, bath towels, tea towels, compressed towels, microfiber towels etc.