MILAN, Italy - Visiting Vice-President Xi Jinping said China still welcomes foreign investment and offers "equal treatment" to domestic and overseas investors while redoubling its efforts to expand domestic consumption, boost imports and promote business in other countries.

Xi assured the Italian and Chinese business leaders at a gala banquet on Friday night that China's acceleration to transform its mode of economic development increases the level and quality of opportunities for foreign investment.

He said that 10 years after its entry into the World Trade Organization, China recently phased out national preferential policies (in land use, taxation, loans) formerly enjoyed by foreign investors, who now receive the same treatment as their Chinese counterparts.