China is like a magnet to attract investors and is creating opportunities for emerging markets and developing countries, Marcos Troyjo, president of the New Development Bank, said at a forum during the World Economic Forum (WEF) Annual Meeting 2022 in Davos.

"China will keep on being one of the top destinations for foreign direct investors for a long time to come," Troyjo said.

The country's huge economic scale and strong economic resilience make it the center of many new value chains, Troyjo said. He added that China's commitment to globalization will continue to provide opportunities for global stakeholders.

Troyjo said that the structural reforms in China's economic growth model which gives more emphasis on high added value will enable the country to maintain economic growth momentum in the future.

WEF President Borge Brende said that he's bullish on China's economy in the long- and medium-term despite current pressures brought by the COVID-19 pandemic. He added that the country's stable economic growth is of great significance to global recovery.

Foreign direct investment into the Chinese mainland, in actual use, expanded 25.6 percent year on year to 379.87 billion yuan ($56.18 billion) in the first quarter of the year. The country recorded a $19-billion net inflow of cross-border capital in April despite tightening global monetary conditions.

To further encourage foreign investment, China expanded the encouraged sectors for foreign investment this month.

The Catalogue of Encouraged Industries for Foreign Investment (Edition 2022) (Exposure Draft) will add 238 more items, while up to 114 existing ones will be modified with expansion.

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