China's market remains attractive to foreign firms, a new survey conducted by the China Council for the Promotion of International Trade (CCPIT) suggests.
More than 80 percent of the 700 foreign-funded enterprises in China surveyed said they were satisfied with the business environment during the third quarter and nearly 90 percent said they were satisfied with market access.
About 70 percent of foreign firms remain stable in the layout of their industry chains in China, according to the CCPIT survey. About 80 percent anticipate that their profits will remain stable or improve in 2023, and nearly 90 percent expect profits in China to remain stable or increase over the next five years.
Regarding development opportunities, a large number of foreign firms have identified technological innovation as the most significant growth opportunity in the Chinese market for three consecutive quarters.
In the first three quarters of the year, 37,814 new foreign-invested enterprises were set up in China, up 32.4 percent year on year, according to the Ministry of Commerce (MOFCOM).
The actual use of foreign capital in China's manufacturing sector amounted to 262.4 billion yuan ($35.9 billion) between January and September, data from MOFCOM showed, representing an increase of 2.4 percent on a yearly basis, with high-tech manufacturing seeing a growth of 12.8 percent year-on-year.
Investments from developed economies grew significantly in the period, with foreign direct investment from France, the UK, Canada, Switzerland and the Netherlands increasing by 121.7 percent, 116.9 percent, 109.2 percent, 76.9 percent and 32.6 percent respectively.
As the 6th China International Import Expo (CIIE) approaches, guests from 154 countries, regions and international organizations and over 3,400 exhibitors will participate in the event, among which 289 are Fortune Global 500 companies and industry leading enterprises.
The area for enterprise exhibits at the CIIE has increased about 30 percent, and the number of exhibitors from the world's top 500 companies and industry-leading enterprises has exceeded previous editions, which mirrors the attractiveness of China's market.