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China moves to boost foreign investment in manufacturing

Updated: Feb 15,2017 3:58 PM     Xinhua

BEIJING — China’s top economic planner on Feb 15 to take measures to attract more foreign investment to the country’s manufacturing sector.

China will specify policies that will grant foreign investors the same treatment with domestic companies regarding the delivery of the “Made in China 2025” plan, according to the National Development and Reform Commission.

The agency said that wider open-ups would be pushed to allow foreign entry, and local governments would be asked to lend more support to manufacturing projects when attracting foreign investment.

Meanwhile, foreign business projects will get preferential policies in land supply and prices.

Foreign direct investment (FDI) in the Chinese mainland maintained steady growth last year, up 4.1 percent year on year to reach 813 billion yuan (around $118.5 billion).

FDI to high-tech manufacturing went up 2.5 percent to 59.8 billion yuan during the year.

The slew of measures came as the government is working to shift the country away from low-end manufacturing to more value-added production.

In May 2015, China introduced the “Made in China 2025” blueprint, listing several tasks for the manufacturing industry, including boosting innovation, fostering Chinese brands and service-oriented manufacturing.