Foreign investors will enjoy more opportunities in China as the
country's investment environment improves, said President Hu Jintao
on March 20.
"I emphasize here that China will further deepen its reform and
open its door wider," said President Hu when meeting with Russian
journalists ahead of his Russian visit from March 26-28.
China put into effect a revised regulation standardizing mergers
and acquisitions of Chinese companies by foreign investors in
September, 2006, sparking off concern over the country's tightening
control over foreign investment.
"The new regulation makes merger and acquisition operations more
open and transparent," said Hu.
China, the biggest receiver of foreign investment among all
developing economies for years, has seen a sharp rise of merger and
acquisition bids by foreign companies targeting Chinese firms in
recent years.
The trend has triggered off an outcry for protection of critical
Chinese firms for national economic security, hence the
promulgation of the new rules.
"With the continued growth of the Chinese economy and
improvement of China's investment environment, foreign investors
would have more opportunities for investment and development in
China," said Hu.
The president noted that China has approved 590,000
foreign-invested enterprises and actually used US$700 billion in
foreign investment since it started the reform and opening-up drive
29 years ago.
"China has always adhered to its pledges and has kept opening up
its market since it joined the World Trade Organization (WTO),"Hu
said.
China has already opened up every section of its manufacturing
sector. It has also opened up more than 100 categories of trade of
services, among the 160 categories listed by the WTO, he said.
"China will unswervingly implement the opening up policy, which
is a fundamental national policy," said President Hu.
(Xinhua News Agency March 26, 2007)
