MNCs praise opening-up at Xiamen trade fair

Visitors check out products during the 24th China International Fair for Investment and Trade in Xiamen, Fujian province. (HU MEIDONG/CHINA DAILY)

China's commitment to high-standard opening-up and expanded cooperation has created more opportunities for the outside world and boosted foreign investors' confidence, officials and business leaders have said.

They made the remarks at the 24th China International Fair for Investment and Trade in Xiamen, Fujian province.

Representatives from 119 countries and regions are participating in the event that began on Sunday and runs through Wednesday.

Addressing the fair's opening ceremony, Vice-Premier He Lifeng encouraged foreign-funded enterprises to participate in the nation's high-quality development and seek more business opportunities in the cause of Chinese modernization.

He said China will stick to the fundamental national policy of opening up to the rest of the world, enhance its ability of opening up while expanding international cooperation, and build a new system of open economy at a higher level.

Jeffrey Perlman, CEO of US private equity firm Warburg Pincus, said China has become the world's second-largest economy with a proven long-term track record of consistent growth supported by domestic policy.

"China's economy has grown and changed remarkably since our entry. The themes that originally attracted us to China 30 years ago remain relevant today," Perlman said, expressing optimism about the country's long-term growth prospects.

"China's efforts to continuously expand its opening-up and optimize its business environment have created excellent opportunities for foreign multinationals," said Vincent Bruneau, vice-president for global supply chain (China) at Schneider Electric.

Bruneau said China is its second-largest market globally and one of its most important supply chain bases.

Schneider Electric is constructing a new industrial park in Xiamen to manufacture medium-voltage equipment and the facility is scheduled to start operations in 2025.

China has maintained its position as the world's second-largest recipient of foreign investment despite declines in global cross-border investment, a report released at the fair by the Development Research Center of the State Council showed.

In 2023, China's actual use of foreign investment reached $163.3 billion, the third highest in history. Meanwhile, China's outbound foreign direct investment amounted to $147.85 billion, ranking third globally, according to the report.

"China's two-way investment promotes mutual benefits and win-win outcomes with the rest of the world, while foreign-invested enterprises in China enjoy market opportunities and development dividends," said Luo Yuze, deputy director of the Foreign Economic Research Department, which is part of the Development Research Center of the State Council.

It has not only injected more certainty and new growth momentum into the global economy, but also enhanced the host country's development capacity, Luo said.