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Interesting Article: China Promises To Open Wider To
BEIJING, Dec 7, 1999 -- (Reuters) China has pledged
to open its economy wider to help lure more foreign
capital, the China Economic Times quoted a senior
trade official on Tuesday as saying.
"Foreign businesses investing in China will face new
opportunities," the newspaper quoted Vice Minister of
Foreign Trade Sun Zhenyu as saying.
China would gradually open its trade and services
wider to foreign investors as part of its bid to join the
World Trade Organization, Sun said.
China expects to join the WTO in the first half of next
year after clinching a historic pact with the United
States last month.
The government would allow foreign investors to
"participate in restructuring state firms" and offer
incentives to those investing in the under-developed
central and western regions, he said.
The government would offer tax breaks to foreign firms
willing to transfer high technology to Chinese
companies, he said.
China would encourage foreign investment in
infrastructure, including construction of highways and
urban housing and subways, he said.
The government would continue eliminating ad hoc
fees on foreign firms to ease their burdens and and
simplify approval procedures, Sun was quoted as
China's actual foreign direct investment (FDI) fell 10.51
percent year-on-year in January to October to $32.13
billion, official figures showed.
Contracted FDI, an indicator of the future trends in
actual inflows, slipped 20.64 percent year-on-year in
January to October to $31.28 billion.
Actual foreign investment inflow to China hit a record of
$45.6 billion last year, up 0.7 percent from 1997.
($1.0 = 8.28 yuan)
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