China will instate a series of policies, such as preferential land prices, to attract foreign direct investment (FDI) in the manufacturing sector, the country's top economic planner announced Wednesday.
The Chinese government will not only continue offering favorable land prices to foreign companies that invest in industrial projects encouraged by the government, but also give priority in land supplying to those investors, Zhao Chenxin, spokesperson for the National Development and Reform Commission (NDRC), said at a press briefing.
Local authorities should focus on manufacturing when they roll out policies to attract investment, Zhao said.
The country will also step up efforts to ensure that the policies of its Made in China 2025 program apply equally to both foreign and domestic investors as it strives to further open up the country's manufacturing industry, according to Zhao.
The comment comes after China embarked on "a critical period of structural adjustment" for its economy, during which the price of elements of production, such as land and labor, have surged in recent years, according to a statement on the NDRC's website.
"While it is important to take an objective view on this path for economic development, we should also improve our investment environment, and encourage more FDI to flow into central, western and northeastern regions," Zhao said.
Despite some hurdles, China remains one of the most attractive destinations for foreign investors thanks to its huge consumer market, competitive industrial chains and well-developed infrastructure, Zhao said.
In 2016, China's FDI jumped 2.3 percent year-on-year to $139 billion, hitting a record high, Zhao said, citing a report published by the United Nations Conference on Trade and Development. The increase occurred during a period when global FDI fell 13 percent.
