Chinese Vice President Xi Jinping delivers keynote speech at WIF 2010

Updated: 08 Sep 2010
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Chinese Vice President Xi Jinping delivers a keynote speech during the opening ceremony and world leaders investment summit of the 2nd World Investment Forum, which is sponsored by the United Nations Conference on Trade and Development (UNCTAD), in the coastal city of Xiamen, southeast China's Fujian Province, Sept. 7, 2010. (Xinhua/Lan Hongguang)
Chinese Vice President Xi Jinping Tuesday delivered a keynote speech at the opening ceremony of the World Investment Forum 2010.

In recent years, we have worked in line with the characteristics of the different stages of opening-up, and the requirements to improve an open economic system that focuses on both domestic and international markets, that promotes win-win and mutually beneficial cooperation, and that emphasizes security and effectiveness.

And we have actively summed up our successful experience in past years. We better coordinated our "inviting in" and "going global" strategies, adopted new ways of conducting overseas investment and cooperation and supported enterprises to develop international operation in research and development, production and distribution.

By the end of 2009, China had set up a total of 13,000 overseas enterprises with overall assets reaching more than US$1 trillion, and had made US$245.7 billion of overseas investment in 177 countries and regions. We are stepping up efforts to facilitate various forms of overseas investment cooperation, develop our own multinational companies and support well-positioned enterprises to establish international sales distribution networks. We are working to strengthen overseas infrastructure construction cooperation, and develop overseas labor contract cooperation in a well-managed fashion.

And we are actively advancing the construction of overseas economic and trade cooperation zones. Our aim is to alleviate the tensions between overcapacity and weak domestic demand, stimulate industrial transformation at home and, at the same time, promote exports of relevant products and services.

In the process of building an open economy, China has worked in various forms to help developing countries enhance self-development capacity, improve the livelihood of their peoples and narrow the North-South gap.

For instance, China made an additional contribution of US$50 billion to the IMF replenishment plan, making it clear that the fund should be used to support least developed countries on a priority basis; China inaugurated a China-ASEAN Investment Cooperation Fund of US$10 billion, and provided US$15 billion of credit support to ASEAN countries, to help promote regional economic and financial stability.

China provided US$10 billion of credit support to members of the Shanghai Cooperation Organization, US$10 billion of concessional loans to African countries, and cancelled debts owed by heavily-indebted poor countries and least developed countries in Africa; China gradually introduced zero-tariff treatment to 95 percent of exports from all the least developed countries with which China has diplomatic ties, and helped developing countries mitigate the impact of the international financial crisis, ease the employment pressure, and stabilize the economic situation. We will encourage more Chinese enterprises to "go global", and will continue to deepen South-South cooperation, and truly help developing countries raise economic development capacity. Ladies and Gentlemen, Whether in the past, at present or in the future, it is always China's long-term strategy to make good use of both domestic and global markets and resources, and promote both inbound and outbound investment.
Our aim is to promote scientific and harmonious development at home and pursue peaceful and cooperation-based development with other countries. As China's open economy continues to develop, foreign investment in China will surely enjoy a broader space and generate even more profits. China is taking vigorous steps to create a more open and optimal investment environment for foreign-invested enterprises. First, we continue to foster an open and transparent legal environment. China's socialist market economy is an economy based on the rule of law, and its investment environment is protected by laws that are open and transparent. In the thirty years and more of China's reform and opening-up, we have amended, on four occasions, the Catalogue for the Guidance of Foreign Investment Industries, and in each amendment, our focus has been to further expand the scope of market access and optimize foreign investment structure.

Since China's accession to the WTO in 2001, we have effectively promoted investment facilitation and transparency of the investment environment. We have steadily improved laws and regulations guiding foreign investment, increased decision-making transparency, better regulated administrative behavior, made timely information release of development programs, industrial policies, access criteria and industry developments. Recently, the Chinese government promulgated the Several Opinions of the State Council on Facilitating the Use of Foreign Investment, and introduced a series of innovative measures to optimize foreign investment utilization structure, expand areas of opening-up and diversify foreign investment utilization.

To be more specific, we will encourage more foreign investment in high-end manufacturing industries, high-tech industries, modern services industries, new energy, energy-saving and environmental protection industries. We will encourage foreign investors to move to and increase investment in the central and western regions, and develop labor-intensive industries meeting environmental requirements in the central and western regions.

We will encourage foreign investment to participate in the reorganization, restructuring, merger and acquisitions of Chinese enterprises in the form of equity purchase, merger and acquisition, expand channels of funding for foreign-invested enterprises in China, and give a better play to the role of foreign investment in scientific innovation, industry upgrading and balanced regional economic development.

Second, we continue to build a market environment for fair competition. Development will not be possible without competition which, in turn, demands fair play. The Chinese government's policy to encourage indigenous innovation applies to all enterprises in China and therefore cover all foreign-invested enterprises lawfully set up in China. This is an open and creative move taken in the broader context of international cooperation. Last April, after publicly soliciting opinions from Chinese and foreign investors, China made adjustments to the criteria for accreditation of "indigenous innovation-based products". According to the new criteria, foreign-invested enterprises are also producers of "Made in China" goods and therefore enjoy equal country of origin and national treatment as their fully Chinese-funded counterparts. The Chinese government is approaching the negotiation to join the WTO Government Procurement Agreement with a responsible attitude. The Chinese government will make all procurement and construction projects involving government budget open and transparent to Chinese- and foreign-invested enterprises and their products alike. As a matter of fact, foreign-invested enterprises won 55.4 percent of all bids in the international tendering conducted for 12,000 mechanical and electric products procurement programs in 2009.

Third, we continue to build a steady and orderly business environment. Intellectual property rights (IPR) protection is high on the agenda of the Chinese government, and a series of relatively full-fledged IPR protection systems have been instituted over the last two decades. In 2008, China developed the Outline of the National Intellectual Property Strategy, upgrading IPR protection to a national strategy. The five years between 2006 and 2010 witnessed the introduction of a host of annual IPR protection action plans. The Chinese government has reinforced IPR protection law enforcement via a number of special campaigns against online IPR infringement, piracy, etc. In the years ahead, the Chinese government will continue to improve the market system, remove market barriers, maintain market order and protect the rights and interests of investors, so that all market players, foreign-invested enterprises included, not only enjoy their rightful place in the Chinese market but will also grow their business on a sustainable basis. China will also improve systems, mechanisms, laws and regulations designed for IPR protection to offer more effective and efficient protection to investors and IPR owners. We welcome continued cooperation and supervision of foreign-invested enterprises on China's actions and progress in regulating IPR infringement.

China is committed to improving its investment environment and the quality of foreign investment utilization. With a wide-scope, multi-tiered and all-dimensional opening-up pattern already in place and with the opening of China's manufacturing industry, most agricultural sectors and 100 service trade sectors, China hopes to remain a most appealing destination of investment in the world. These facts prove that China holds a competitive edge and its investment environment remains attractive to foreign-invested enterprises. China is now in a new phase of reform and opening-up and is working to integrate the transformation of its external and internal patterns of development in order to gain a new edge in international economic cooperation and competition in a globalized world economy.

Ladies and Gentlemen,

What we have is an open world and an open global economy. Under such circumstances, all countries need to develop an open economy if they were to accelerate development. The pace of growth of an open economy hinges on how wide it opens, and its prospect is determined by how well it opens. China will expand the breadth and depth of opening-up to deepen opening-up along the coast, accelerate opening-up in the hinterland and upgrade opening-up of the border regions. We will promote reform, development and people's living standards all through opening-up. In so doing, we will make fresh contribution to strong, sustainable and balanced growth of the world economy and advance economic globalization in a balanced and all-win direction that benefits all countries.

In conclusion, I sincerely wish the World Investment Forum 2010 a complete success.
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