60% of key foreign-funded projects in full swing

China's key foreign-funded projects are progressing well, as 60% of the ones that have been put into operation are in full swing, Shu Jueting, Spokesperson of the Ministry of Commerce (MOFCOM), said at a routine press conference. Half of the early-stage projects have been successfully transferred or put into production, and over 30% of the projects that are still under construction have been put into production, she added. She made the remarks as the 22nd China International Fair for Investment and Trade kicked off in Xiamen, Fujian province. The four-day meeting aims to promote opening-up and bilateral investment opportunities. Shu said that MOFCOM has established a special team for key foreign-funded projects targeted at high-end manufacturing, and the team helps to coordinate and resolve difficult problems in a timely manner. Shu noted that 611 problems and difficulties reported by foreign-funded enterprises and projects have been resolved, and MOFCOM is actively coordinating and speeding up administrative approvals, filing and other matters related to the projects to ensure that they go smoothly.

Data from MOFCOM showed that from January to July, actual foreign investment in large-scale projects with contracted foreign capital of more than USD100 million reached USD66.85 billion, a year-on-year increase of 35%, accounting for 53.9% of China's actual use of foreign capital in the period. China's actual use of foreign capital rose 21.5% year-on-year to USD123.9 billion in the first seven months of this year, with investment from South Korea, the U.S. and Japan seeing the fastest growth rates. China is accelerating the introduction of new measures, including a revision of an industry catalog and a number of influential investment fairs, to stabilize foreign investment, MOFCOM said, noting that China remains an attractive destination for global investment, contrary to “capital outflow” rumors hyped by foreign media. MOFCOM said that it will encourage more foreign-funded enterprises to visit the central, western and northeastern regions in China to inspect the business environment and expand investment, the Global Times reports.