China’s state-run Xinhua News Agency has refuted claims that foreign companies are pulling out of the Country.
According to the Institute for International Economic Policy on the 31st, Xinhua, in a commentary on the 21st, refuted claims of foreign investment withdrawal from China, citing the growing number of stores in China of significant food and beverage companies like KFC, McDonald’s, and Starbucks, Apple’s announcement of additional investment in China, GE Healthcare’s doubling of R&D investment in China, and AstraZeneca’s announcement of a $475 million investment plan.
Xinhua stated, “The influx of foreign capital shows that China is still a fertile ground for foreign investment and business,” adding that “the exaggerated claims by some Western media that there are no more opportunities in the Chinese market are not true.”
Xinhua conveyed, “The State Council of China has announced ‘measures to attract and utilize foreign capital through high-level external openness’ to expand the market entry of foreign capital and increase the freedom of foreign investment, demonstrating China’s will and action to share development opportunities with the world.”
According to the 2023 International Balance of Payments released by China’s State Administration of Foreign Exchange on the 18th of last month, foreign direct investment in China last year was $30 billion. This figure is a decrease of 82% compared to the previous year. Bloomberg analyzed this as the lowest level since 1993, when it recorded $27.5 billion. This is less than one-tenth of the record high of $344.1 billion in 2021.
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