BEIJING, July 11 (Xinhua) -- China has recently ramped up efforts to attract foreign investment, underscoring its commitment to opening up its vast market to global companies.

  WOOING FOREIGN INVESTMENT

The government has prioritized attracting and utilizing foreign investment, recognizing the crucial role that foreign-invested firms play in China's economic transition.

According to a State Council executive meeting held in late June, China will expand its opening up in key areas. Shortly after, a symposium on foreign investment was held that urged further relaxation of market access and "leveraging the country's ultra-large market as a real advantage in attracting investment."

"Midway through the year, it is imperative to emphasize stabilizing foreign investment and implementing additional measures to enhance market access in specific sectors," said Wei Jianguo, vice chairman of the China Center for International Economic Exchanges. "These actions are necessary to ensure the continued growth of foreign investment and trade in the remaining months of the year."

Since the beginning of this year, an array of policies aimed at attracting foreign investment have been implemented. These include regulations to encourage and regulate the cross-border flow of data, as well as an action plan outlining measures to promote equal participation of foreign-invested companies in government procurement.

Local governments have also launched a charm offensive targeting foreign investors. In May, south China's Guangdong Province introduced incentives to galvanize foreign-invested firms to expand local investment and presence. Last month, Beijing passed its first special regulation on foreign investment.

China's efforts to woo foreign investment come at a time when global foreign direct investment (FDI) has remained subdued for two consecutive years, with challenging prospects for 2024 due to weakening growth and ongoing trade and geopolitical tensions, according to the United Nations Conference on Trade and Development.