CRI听力:China Commerce Chief Hopes to Boost Foreign Investment

Shi Guangsheng, former president of the China Association of Enterprises with Foreign Investment, says foreign-funded enterprises in China have made considerable progress.

"By the end of October this year, the total number of foreign enterprises registered in China reached 730,000, and foreign investment reached 1.2 trillion U.S. dollars. When it comes to the amount of foreign investment among developing countries, China has been number one for 19 consecutive years."

At a meeting of the China Association of Enterprises with Foreign Investment, Shi Guangsheng says foreign-funded enterprises have become an important component of China's market economy, and have played a significant role in sustaining China's rapid economic growth and promoting independent innovation.

In addition, Shi notes that foreign-funded enterprises have created jobs for Chinese people, fulfilled their social responsibility, and made important contributions to building a harmonious society.

At the same time, Chinese Commerce Minister Chen Deming has been elected the new president of the Association.

Chen says China will make further reforms of its foreign investment management system, and provide systematic protection for new investment.

"At present, there are many new investment models, such as private equity, foreign mergers and acquisitions, renminbi cross-border direct investment, and others. There are also new business models, such as electronic networks, so some new problems have emerged. The government is stepping up efforts to solve these problems."

Chen also says China will further open up its service sector, strengthen the protection of intellectual property rights, and guarantee fair competition for foreign enterprises, so that they can enjoy equal treatment in China.

Currently, foreign enterprises in China are facing declines in demand, a slowing of export growth, rising labor costs and international economic uncertainties.

Chen says in the next five years, China will further promote joint ventures, as well as comprehensive and deep cooperation with foreign countries.

He adds that China is committed to promoting industrial upgrading and structural adjustment, and providing more opportunities for foreign companies in high-end manufacturing and modern agriculture.

Foreign direct investment in China grew 8.8 percent in October, bringing the total FDI for the first 10 months of the year to 95 billion US dollars.

At this rate, China is set to report record foreign investment for the second year in a row, as companies tap the potential of the world's second-biggest economy.

For CRI, this is Ding Lulu.