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Chinese vice president: national treatment not mean overseas investment unwelcome in China

06-04-2011 08:45 BJT

MILAN, Italy, June 3 (Xinhua) -- The move that China adapted certain supernational preferential policies and unanimously adopts national treatment does not mean that China does not welcome overseas investment, visiting Chinese Vice President Xi Jinping said here Friday.

Xi made the remarks when addressing the business circle in this Italy's economic capital. China's acceleration to transform economic development mode will "not only repel overseas capital but will increase the level and quality to utilize overseas investment," he said.

Early on in China's reform and opening to foreign enterprise, China launched super-preferential tax policies for international companies in a bid to propel its economic growth, and the overseas investors were exempt from some taxes.

"China sticks to the strategy of expanding domestic demand. The move will provide broader space for foreign commodities in the Chinese market," he told 300-plus business people from the two countries.

According to Xi, who was on an official visit to Italy, China will encourage overseas capital to participate more in such areas as modern agriculture, high- and new-tech, advanced manufacture, energy-efficient and environmental friendly production, new energy and modern services.

Overseas investments are encouraged to be poured more on China' s vast central and western regions or in annexation and reorganization of Chinese enterprises through joint stock holding or merge and requisition, he said.

During the past decade, China's export and import increased 4.9 folds and 4.7 folds, respectively. China has become the world's second largest importer in 2010 with a total import volume reaching 1.4 trillion U.S. dollars, or 9.1 percent of the world's total. China will actively import more advanced technologies, key parts and components, resources in short and energy-efficient and environmentally friendly products and expand the import of consumer goods "at appropriate level," he said.

Furthermore, China will direct competent enterprises of various ownership to orderly invest in overseas land and actively carry out investment and project cooperation with foreign partners which is conducive to improve local infrastructure and people's life, he said.

The national security review of foreign merger and acquisition "will make China's investment environment to become more transparent, just and operational," he said.

He also vowed to enhance law enforcement on intellectual property protection and earnestly protect the legal interests of overseas-funded enterprises. "China will firmly adhere to the mutually beneficial and win-win strategy of opening up," he said.

Xi arrived in Milan Friday afternoon, the second stop of his four-day official visit to Italy.

Editor:Du Xiaodan |Source: Xinhua

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