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Wang Yifu and Chen Zhengtong, both members of the National Committee of the Chinese People's Political Consultative Conference (CPPCC), urged the government to get well prepared to let in a big influx of foreign capital predicted to come in the coming 3-5 years.
Currently, the world's three largest economies, namely, the Untied States, the European Union and Japan, have been plunged into recession, with a drastic reduction in acquisitions by multinational corporations and significant drop in the equipment investment in the world's information technology industry, they noted.
2001 marked a turning point in the changes of the flow of multinational direct investment, with many big-name giants stepping up adjustment in the distribution of their investment, moving their production and logistics activities in places that offer the best conditions in cost, resources, logistics and market access.
Wang and Chen urged the government to enhance the sense of urgency and seize the opportunity to create a better environment for international capital as, they think, the favorable situation would not last long and the economic recovery of developed nations may divert the flow of international capital.
At present, they pointed out, some Southeast Asian nations are working hard to improve their environment, but for China, much remains to be done to open the financial and services sectors.
China should create a fair, open and impartial market system and take bold steps to broaden market access for foreign investors, including non-equity investment, bond investment, stock investment and risk investment and acquisition of state-owned enterprises, they said.
(Xinhua News Agency March 11, 2003)
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