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The feature press conference of “improving the quality and level of foreign capital utilization” held by China’s Ministry of Commerce （MOC） concluded the past of foreign investment in China and listed some impending changes.
One of the prominent news released in the conference that China was still an ideal destination for foreign capital， as US$1.3-trillion foreign capital flew into China in the first four months of 2013， the second largest in the world.
The situation for foreign investment around the globe was quite dim in the past few years. In 2012， the foreign investment dropped 18% in the world and 9.5% in Asia. Against this harsh background， foreign investment in China remained stable. From February to April， the foreign investment into China gained year-on-year increase for three straight months.
Positive Improvements
Apart from the recovery in the amount， the quality and level of foreign investment in China kept improving as well. In 2012， the foreign capital invested into service accounted for 48.2% of the total volume， larger than the proportion of manufacturing for the second time since 2011.
In addition， the foreign investment into high-end manufacturing had an obvious increase. In 2012， the foreign capital used by the manufacturing of communication devices amounted to US$4.217 billion， up 31.82%.
The regional distribution of foreign investment also got better. The data shows that the foreign investment into the central and western regions of China accounted for 17.2% of the total foreign investment in 2012， up 3.4% from a year before.
Yao Jian， spokesman for the MOC， said that the establishment of “Industrial transfer promotion center” and other patterns not only encouraged the gradient transfer of industries， but also facilitate the transfer-out of the management models in East China， which somewhat promoted the recruitment of foreign capital in Central and West China.
Recently， the National Development and Reform Commission and the MOC published a document titled“Catalogue of Industries with Advantages of Foreign Investment in Central and Western Regions”. The new file encourages foreign investors to set up labor-intensive enterprises that are qualified for the environmental protection standard in the central and western regions of China， to improve the level of service and bring the special advantages of central and western regions into full play.
Facilitate Foreign Investors
The China-Europe Chamber of Commerce recently published a report of “2013 Research of Enterprises’Confidence”， showing that fewer European enterprises were able to earn profits in China. The research also showed that most of European enterprises still attached importance to the China， but they were less optimistic about their profitability in this country.
Yao Jian attributed this to two facts： on one hand， the foreign enterprises made full use of the fast economic development of China in the past 30 years and shared the dividends brought by the economic development； on the other hand， the Chinese market is more standardized and more open to investors of all kinds， which intensified the competition for foreign enterprises.
The gradually increasing volume of foreign capital flown into China demonstrates the importance of international investors attached to China.
Huang Feng， deptuty director of the Foreign Investment Management Department at the MOC， said that MOC put great efforts to improving the environment for foreign invest- ment， which are realized through improving foreign investment policies， innovating methods of using foreign capital and enhancing the system of opening up.
One of the prominent measures is to decentralize the rights of approving foreign-invested enterprises and projects to reduce the procedures and time spent on the establishment of foreign projects.
The data shows that the number of foreign-invested project examined and approved by the MOC reduced from 3，000 in 2005 to about 100 in 2012. Most of the rights have fallen into the hand of provincial governments.
In addition， the Chinese government is taking measures to encourage foreign enterprises to set up regional headquarters and R&D facilities in China.
“It will occupy an important part in our future plan，” Huang Feng said.“Regional headquarters and R&D facilities will lend a great force to the transformation of utilizing foreign capital in China. The MOC is trying to work out some measures that will accelerate the process.”
Impending Changes
The huge amount of foreign capital has made great contributions to the Chinese economic and social development. The number of foreign-funded enterprises takes 3% of the total number of enterprises in China， while the exports volume they make account for over 50%. Over 14% of Chinese people are now working for foreignfunded enterprises. In order to keep China’s appeal to foreign investors， the Chinese government is going to make more changes to create a better investment circumstance for them.
“The MOC hopes to modify the three laws at a proper time. After the modification， the laws will be more in line with the regulations and principles of international investment，” said Huang Feng.
The three laws refer to The Law of Foreign-invested Enterprises， The Law of Sino-Foreign Cooperative Enterprises and The Law of Sino-Foreign Joint-Invested Enterprises.
The three laws have formed the base of the legal system of the foreign investment in China. But the three laws came out in the late 1970s and early 1980s. At that time， many commercial laws， such as The Corporate Law， The Contract Law and so on， were not issued yet. So， outdated and ill-suited， the three laws are in need of modifications， as their latest update happened around 2001.
“We are going to make the modified laws match the current domestic economic situation， the international environment， the government’s will of guiding foreign capital into central and western regions and emerging industries and the new governmental function in the recruitment of for- eign capital，” said Huang Feng. “The modification will make our laws play a more important role in promoting the opening-up to foreign investors.”
In addition to the upgrade of the legal system， the Chinese government is thinking of producing the China Foreign Investment Index， offering a more objective and effective method to review the investment environment in China.
Presently， there are different voices about the investment environment in China. According to Huang Feng， the index will be a comprehensive， eliciting a system that has a comprehensive evaluation of the investment environment. The index would be issued on a yearly basis.
Huang Feng did not reveal when the index would officially come out. He stated that that the production of this index will call for advices from all sides and need to be recognized by both scholars and investors.
The need of an index showed that China has attached more importance to the environment for foreign investors. This might be a compelled result， as an increasing number of foreign enterprises began to complain about the investment environment in China.
According to Huang Feng， foreign enterprises are focused on the five aspects of investment environment： the market access， the integrity of laws and regulations， the abundance of competent rudimentary labor force and executives， the efficiency of government and administrative systems and the protection of intellectual property and information security.
These are just what the Chinese government is trying to improve.
One of the prominent news released in the conference that China was still an ideal destination for foreign capital， as US$1.3-trillion foreign capital flew into China in the first four months of 2013， the second largest in the world.
The situation for foreign investment around the globe was quite dim in the past few years. In 2012， the foreign investment dropped 18% in the world and 9.5% in Asia. Against this harsh background， foreign investment in China remained stable. From February to April， the foreign investment into China gained year-on-year increase for three straight months.
Positive Improvements
Apart from the recovery in the amount， the quality and level of foreign investment in China kept improving as well. In 2012， the foreign capital invested into service accounted for 48.2% of the total volume， larger than the proportion of manufacturing for the second time since 2011.
In addition， the foreign investment into high-end manufacturing had an obvious increase. In 2012， the foreign capital used by the manufacturing of communication devices amounted to US$4.217 billion， up 31.82%.
The regional distribution of foreign investment also got better. The data shows that the foreign investment into the central and western regions of China accounted for 17.2% of the total foreign investment in 2012， up 3.4% from a year before.
Yao Jian， spokesman for the MOC， said that the establishment of “Industrial transfer promotion center” and other patterns not only encouraged the gradient transfer of industries， but also facilitate the transfer-out of the management models in East China， which somewhat promoted the recruitment of foreign capital in Central and West China.
Recently， the National Development and Reform Commission and the MOC published a document titled“Catalogue of Industries with Advantages of Foreign Investment in Central and Western Regions”. The new file encourages foreign investors to set up labor-intensive enterprises that are qualified for the environmental protection standard in the central and western regions of China， to improve the level of service and bring the special advantages of central and western regions into full play.
Facilitate Foreign Investors
The China-Europe Chamber of Commerce recently published a report of “2013 Research of Enterprises’Confidence”， showing that fewer European enterprises were able to earn profits in China. The research also showed that most of European enterprises still attached importance to the China， but they were less optimistic about their profitability in this country.
Yao Jian attributed this to two facts： on one hand， the foreign enterprises made full use of the fast economic development of China in the past 30 years and shared the dividends brought by the economic development； on the other hand， the Chinese market is more standardized and more open to investors of all kinds， which intensified the competition for foreign enterprises.
The gradually increasing volume of foreign capital flown into China demonstrates the importance of international investors attached to China.
Huang Feng， deptuty director of the Foreign Investment Management Department at the MOC， said that MOC put great efforts to improving the environment for foreign invest- ment， which are realized through improving foreign investment policies， innovating methods of using foreign capital and enhancing the system of opening up.
One of the prominent measures is to decentralize the rights of approving foreign-invested enterprises and projects to reduce the procedures and time spent on the establishment of foreign projects.
The data shows that the number of foreign-invested project examined and approved by the MOC reduced from 3，000 in 2005 to about 100 in 2012. Most of the rights have fallen into the hand of provincial governments.
In addition， the Chinese government is taking measures to encourage foreign enterprises to set up regional headquarters and R&D facilities in China.
“It will occupy an important part in our future plan，” Huang Feng said.“Regional headquarters and R&D facilities will lend a great force to the transformation of utilizing foreign capital in China. The MOC is trying to work out some measures that will accelerate the process.”
Impending Changes
The huge amount of foreign capital has made great contributions to the Chinese economic and social development. The number of foreign-funded enterprises takes 3% of the total number of enterprises in China， while the exports volume they make account for over 50%. Over 14% of Chinese people are now working for foreignfunded enterprises. In order to keep China’s appeal to foreign investors， the Chinese government is going to make more changes to create a better investment circumstance for them.
“The MOC hopes to modify the three laws at a proper time. After the modification， the laws will be more in line with the regulations and principles of international investment，” said Huang Feng.
The three laws refer to The Law of Foreign-invested Enterprises， The Law of Sino-Foreign Cooperative Enterprises and The Law of Sino-Foreign Joint-Invested Enterprises.
The three laws have formed the base of the legal system of the foreign investment in China. But the three laws came out in the late 1970s and early 1980s. At that time， many commercial laws， such as The Corporate Law， The Contract Law and so on， were not issued yet. So， outdated and ill-suited， the three laws are in need of modifications， as their latest update happened around 2001.
“We are going to make the modified laws match the current domestic economic situation， the international environment， the government’s will of guiding foreign capital into central and western regions and emerging industries and the new governmental function in the recruitment of for- eign capital，” said Huang Feng. “The modification will make our laws play a more important role in promoting the opening-up to foreign investors.”
In addition to the upgrade of the legal system， the Chinese government is thinking of producing the China Foreign Investment Index， offering a more objective and effective method to review the investment environment in China.
Presently， there are different voices about the investment environment in China. According to Huang Feng， the index will be a comprehensive， eliciting a system that has a comprehensive evaluation of the investment environment. The index would be issued on a yearly basis.
Huang Feng did not reveal when the index would officially come out. He stated that that the production of this index will call for advices from all sides and need to be recognized by both scholars and investors.
The need of an index showed that China has attached more importance to the environment for foreign investors. This might be a compelled result， as an increasing number of foreign enterprises began to complain about the investment environment in China.
According to Huang Feng， foreign enterprises are focused on the five aspects of investment environment： the market access， the integrity of laws and regulations， the abundance of competent rudimentary labor force and executives， the efficiency of government and administrative systems and the protection of intellectual property and information security.
These are just what the Chinese government is trying to improve.