China to promote foreign investment in manufacturing | So Good News

China said on Tuesday it would boost foreign investment in manufacturing after Chinese President Xi Jinping called for mainstream technologies to “win the battle” at the Communist Party Congress that ended at the weekend.

According to the website of the National Development and Reform Commission, China’s powerful planning agency, China will encourage foreign companies to invest in high-tech equipment and parts.

China said in a statement that it will strengthen financing for foreign enterprises, including raising funds from qualified enterprises and listing on China’s stock market.

China’s economy grew 3.9 percent in the September quarter, a faster-than-expected recovery, with severe COVID-19-related constraints on the outlook. It has been dominated by prolonged property declines and a global recession.

In a statement on Tuesday, foreign companies pledged to support the posting of staff to China.

“China will facilitate the entry and exit of multinational company executives, technicians and their families under COVID-19 prevention and control.”

(Reporting by Liangping Gao and Ryan Woo; Editing by Edmund Klamann)