China
New prospects for international investors as China adjusts pandemic control policy
By Tao Zihui  ·  2023-01-12  ·   Source: Web Exclusive

 

A thematic briefing for foreign business representatives in Beijing on January 10  

China will continue to use a range of methods to ensure stable exchanges with other countries in economic and cultural fields, and cooperate with business people from all over the world to promote global economic recovery, the country’s senior officials remarked at a thematic briefing for foreign business representatives on January 10 in Beijing, during which Chinese officials from various sectors discussed potential future commercial collaborations with international enterprises.  

From January 8 onward, the country has started to manage COVID-19 as a Class B infectious disease, instead of a Class A infectious disease, and adjusted its pandemic management accordingly. 

Speaking to over 160 representatives from foreign businesses, Qian Hongshan, Vice Minister of the International Department of the Central Committee of the Communist Party of China (CPC), stressed the new development pattern of China features the positive interplay between domestic and international economic flows. 

While fully stimulating and unleashing the potential of its domestic demand, China in the meantime will deepen international economic and trade cooperation and involve itself in the global industrial division of labor and cooperation, Qian said. The business community can see China’s determination and perseverance in coordinating epidemic prevention and control with economic and social development, and has confidence in future cooperation with China, he added. 

In 2020 and 2021, China’s economy grew by an average of 5.1 percent, ranking among the top of the world’s major economies. Annual GDP for 2022 was expected to exceed 120 trillion yuan ($17.7 trillion). The country has also joined forces with other countries in pandemic prevention. It has successively transferred related technology to more than 20 countries and cooperated on vaccine production, shared its pandemic prevention and control experiences with more than 180 countries and international organizations, and provided anti-pandemic supplies to 153 countries and 15 international organizations. 

Science-based 

The year 2022 saw the rapid spread of the highly-contagious Omicron variant. The fast-changing feature of the virus makes infection prevention difficult and complicated, posing serious challenges for China’s decision-makers, who have been closely following the pandemic situation and putting the people’s lives and health first. 

The country’s control policies have been subsequently adjusted dynamically, proactively and on a scientific basis, to effectively balance prevention and control with economic and social development needs. 

“The current focus of the response has shifted from infection prevention to medical treatment,” said Liang Wannian, head of the COVID-19 response expert panel under the National Health Commission (NHC), at the briefing, adding that utmost efforts will be exerted to prevent severe cases and fatalities. 

Instead of adopting a hasty, makeshift response, China has issued a series of guidelines for the country’s healthcare system, including increasing the supply of medical services, promoting a tiered diagnosis and treatment system, and expanding digital medical services. In addition, “Treatment costs of COVID-19 patients admitted to centralized treatment are all borne by the state, medication is included in the medical insurance, and vaccines are free for all,” he said. 

Confidence 

China’s efforts to optimize its COVID-19 response have encouraged foreign-invested companies and many are now seeking new opportunities to invest in China, Tang Song, an official from the Ministry of Commerce, said on January 10. 

The timely and uplifting optimization facilitated travel for foreign staff coming to China, Tang said, quoting foreign firms interviewed by the ministry. 

Many foreign companies stated the new measures have raised their business expectations in China, according to Tang. Some are making plans for their management personnel to visit China and reboot existing projects or start up new ones, he said. 

Tang said the ministry will continue to expand market access for foreign firms and step up the protection of their legitimate rights and interests. 

Foreign business leaders have also expressed their confidence in China’s future economic prospects and expect foreign investment in China to maintain growth momentum in 2023. 

“In fact, the adjustment of pandemic prevention measures will not only further promote economic and trade exchanges, but also greatly promote the tourism industry,” Lu Hai, director of public affairs at the Mexican Chamber of Commerce in China, told Beijing Review. “Before the pandemic, Mexico was the only Latin-American nation with a direct flight to China. Following China's relaxation of its border controls, we expect tourism between China and Mexico will be revived,” he added. 

“My business mainly focuses on importing equipment from China to Africa. International shipping was hampered during the pandemic, but things are gradually returning to normal. I think China is ready to go and the timely policy changes will surely bring us new opportunities,” Jacques De Vos, Executive Director of business consultancy CED Prometheus, said. “I think the most important thing is that the Chinese Government has always been very good at planning and managing crises. We’ve seen this now with COVID as well,” he explained. 

Echoing De Vos, Yuval Ben Sadeh, Chairman of the Israel Chamber of Commerce in China, added that the speed with which China overcame its supply crisis and emerged as a significant supplier of necessities has been incredible. 

“Since I was in China throughout the pandemic, I witnessed firsthand how the country’s economy continued to grow despite [the odds]. I believe China and the rest of the world must continue cooperating and learn better ways to deal with the pandemic,” Sadeh said. For him, the world before the pandemic and the world after it will not be the same and in some ways the latter will even be better. “Because we have learned not to take everything for granted and that we need to be prepared for trouble to come,” he said. 

According to China’s Ministry of Commerce, foreign direct investment into the Chinese mainland, in terms of actual use, expanded 9.9 percent year on year to nearly 1.16 trillion yuan ($178.1 billion) in the first 11 months of 2022. 

According to the annual Central Economic Work Conference on December 15-16 last year, China will step up efforts to attract foreign investment in 2023, while concrete measures such as widening market access, promoting the opening up of modern service sectors and granting foreign-funded enterprises national treatment will go into effect to attract foreign capital.   

Copyedited by Elsbeth van Paridon     

Comments to taozihui@cicgamericas.com 

  

China
Opinion
World
Business
Lifestyle
Video
Multimedia
 
China Focus
Documents
Special Reports
 
About Us
Contact Us
Advertise with Us
Subscribe
Partners: China.org.cn   |   China Today   |   China Pictorial   |   People's Daily Online   |   Women of China   |   Xinhua News Agency   |   China Daily
CGTN   |   China Tibet Online   |   China Radio International   |   Global Times   |   Qiushi Journal
Copyright Beijing Review All rights reserved 京ICP备08005356号 京公网安备110102005860