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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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