China sees fast growth in new foreign-funded companies

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China witnessed fast growth in new foreign-funded companies in the first four months this year thanks to policies that have boosted the confidence of foreign investors.

The number of new foreign-funded companies surged 95.4 percent year on year to 19,002 in January-April, the Ministry of Commerce (MOC) said on Thursday.

In April, the number of new foreign-funded companies rose 39.5 percent to 4,662, according to the MOC.

China has been pushing for easier access for foreign investment, with an array of favorable policies rolled out this year.

According to a statement released after a State Council executive meeting Wednesday, China will streamline procedures for the establishment of foreign-funded companies in order to promote trade and facilitate investment.

From June 30, foreign firms will experience much easier business filing and registration as the procedures will become paperless and free of charge with presence in person not required.

More than 35,000 foreign-funded businesses were established on the Chinese mainland last year with direct investment hitting an all-time high of 878 billion yuan (around 138 billion US dollars).

Source(s): Xinhua News Agency