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Nation needs more FDI

By Sun Shangwu (China Daily)
Updated: 2006-09-21 08:41

China still requires large quantities of foreign direct investment (FDI) in the coming years in order to sustain its rapid economic growth, a high-ranking foreign trade official said yesterday.

Chai Haitao, director of the Chinese Academy of International Trade and Economic Co-operation, said that overseas investment, which last year totalled US$72.4 billion, has brought China a host of advantages such as capital, technology, jobs and improved skills.

New opportunities for overseas investment in China should meet the needs of the domestic market, such as the country's requirement for technological innovation, which is regarded as vital to boosting competitiveness, said Chai. He made the remarks at the International Co-operation Summit for Asia-Pacific CEOs & Provincial Governors and Mayors, held in Wuxi by the Asia-Pacific CEO Association and the local government.

Technology-intensive manufacturing industries, such as auto machinery, semiconductors and computer equipment, as well as commercial services, tourism, telecommunications and transportation, will attract growing amounts of overseas investment, noted Chai.

His academy, which is affiliated to the Ministry of Commerce, has investigated multinational firms' investment intentions in China.