The third plenary session of the 20th Communist Party of China Central Committee, scheduled to be held in Beijing from July 15 to 18, will focus on issues related to further comprehensively deepening reform and advancing Chinese modernization.
Today, as the world navigates its way through the mist of escalating geopolitical tensions and flagging economic growth, China has kept its economic strength and international influence to endure potential external shocks. Foreign direct investment (FDI) on the Chinese mainland, in actual use, totaled 412.5 billion yuan (about $57.94 billion) in the first five months of 2024, according to the data from the Ministry of Commerce.
The amount was 28.2 percent lower than that of the same period last year, the ministry said on its website. Despite a drop in FDI during the period, the country continued to see double-digit year-on-year growth in the number of newly established foreign-invested firms during the period.
The manufacturing sector attracted 28.4 percent of the total FDI inflow, up 2.8 percentage points from the same period last year, indicating continued improvement in investment structure.
China's FDI inflows into smart consumer equipment manufacturing and professional technical services increased 332.9 percent and 103.1 percent year on year, respectively. Meanwhile, FDI from Germany and Singapore increased 24.2 percent and 16.2 percent year-on-year, respectively, the ministry said.
The 2024 Kearney Foreign Direct Investment (FDI) Confidence Index report released recently has upgraded China's ranking from seventh to third, just after the U.S. and Canada.
The Kearney report survey respondents cited technological and innovation capabilities as their primary priority in selecting investment destinations this year. The preference for technologically advanced markets is also reflected in 2024's top three markets on the Index: the U.S., Canada and China.
China has also rolled out multiple policies to attract foreign investment this year. In March, the government released an action plan proposing 24 measures, including measures to expand market access, foster a level playing field and facilitate the flow of innovation factors.
With these new policies and measures taking effect, China's investment environment will become even more favorable, and foreign investors will find that the "next China" is still China, the Ministry of Commerce said.