China called for more international cooperation to enhance industrial and supply chain security amid pressure from COVID-19 outbreaks, geopolitical tensions and a gloomy global outlook, the country's top economic regulator said on Nov 2.
More efforts will be made to strengthen cooperation to tackle shortcomings in the supply chain and deal with challenges in fields like logistics, energy and agriculture. And China will also work with other APEC members to promote policy research, standards setting and international cooperation in the green industry.
Zhang Shaogang, vice-chairman of the China Council for the Promotion of International Trade, said the country is committed to building an open economy and ensuring the security and smooth flow of global supply chains.
Zhang highlighted the importance of increasing the resilience and stability of industrial and supply chains, saying this will help promote global economic recovery amid pressure from the ongoing pandemic and regional conflicts.
He called for more efforts to promote building an open global economy, support the multilateral trading system with the World Trade Organization at its core, encourage e-commerce and digital trade development and cooperation, increase support for small and medium-sized enterprises, strengthen the construction of logistics infrastructure and accelerate the green and low-carbon transformation of industrial and supply chains.
Despite challenges and pressures from renewed COVID-19 outbreaks and a grim and complicated international situation, China has witnessed a steady rise in foreign direct investment, showcasing foreign investor confidence in the China market.
The actual use of FDI in the Chinese mainland rose 15.6 percent year-on-year to over 1 trillion yuan ($137 billion) in the first nine months, said the Ministry of Commerce. In US dollar terms, the country's actual use of foreign capital grew by 18.9 percent.
In the next step, the NDRC will make a big push to encourage more foreign investment, continuously promote the implementation of major foreign-invested projects and improve services for foreign investors, said Xia Qing, deputy director of the NDRC's Department of Foreign Capital and Overseas Investment.