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Assistant Minister Wang Chao’s Speech at the 12th CIFIT Beijing Promotional Networking Conference
2008-04-15 12:42  Department of Foreign Affairs


Distinguished Guests,
Ladies and Gentlemen,
Good evening!

It is a great pleasure for me to attend today’s conference. On behalf of the Ministry of Commerce, I would like to extend our warmest welcome to you.

As you might know, China International Fair for Investment and Trade (CIFIT) is presently the only international fair aimed at promoting two-way investment in China. It is also an important stage on which many countries showcase and promote their investment environments and projects. Thanks to the active participation of international friends and joint efforts by member organizations, CIFIT for more than a decade has managed to expand its scale and influence, diversify activities, improve service quality, enhance international visibility and reaped multiple fruits. The 11th CIFIT held last year attracted more than 13,000 overseas business people as well as officials from international organizations, foreign governments and other walks of life in 119 countries and regions. Eighty high-quality forums and seminars were organized. 1070 investment contracts or letters of intent were signed, involving 22.99 billion USD of total investment, with 19.01 billion USD of inward investment and 557 million USD of outward investment. CIFIT’s achievements today cannot do without the consistent support from you and friends in the political and business arenas of the world. I would like to hereby express our sincere gratitude to you all for your support during all these years!

“CIFIT must become more and more successful”, this is former Vice Premiere Wu Yi’s requirement for us during her tenure. It is also our goal. To ensure this year’s CIFIT a more successful one with distinctive features, we must grasp the new trends in international capital flows and the new features of China’s economic development. Based on new needs of domestic and foreign participants, we must innovate constantly in both formality and content.

Ladies and Gentlemen,

Since the beginning of Reform and Opening-up, China has made remarkable achievements in attracting foreign investment, and has been the top foreign direct investment recipient among developing countries for 15 consecutive years. In 2007, China’s total inward investment reached 747.7 billion USD, showing a sound momentum that features steady increase, optimized structure and better quality. It is fair to say that foreign investment has become a key component of China’s national economy and one of the major driving forces for taxation, employment and economic growth. With 15 years’ of rapid growth in its inward foreign investment, China will enter in the few years ahead an essential period when the quality of the investment will be improved overall. Foreign investment will gradually become a more and more important player in terms of contributing to independent innovation, industrial upgrading and balanced regional development in China.

At the same time, China is at a new starting point in making outward investment. By the end of 2007, the outward investment aggregate almost hit 100 billion USD. In 2007, China’s non-financial outward investment reached 18.72 billion USD, nearly 8 times the amount in 2002, which was 2.5 billion USD. Now in China, a nation with 1.3 billion people, per capita GDP is already above 2,000 USD. Therefore, either in terms of the comprehensive national strength or of the actual needs of the businesses, China is already poised on a new standing point for outward investment.

As a result, the next CIFIT should be able to satisfy the practical needs of “inviting in” and “going global” in both formality and content, grasp the historical opportunities brought about by economic globalization and the accelerated international industrial shift, capitalize on the positive factors in the economic and trade exchanges across the Taiwan Strait and become a successful fair with distinctive features.

Ladies and Gentlemen,
2008 is the year of the Olympics and marks the 30th anniversary of Reform and Opening-up. China, host for the 29th Olympiad, will be more open to the outside and embrace the business people and friends from all over the world. Here, I want to borrow the Olympic slogan of “One World, One Dream” and wish the business people from around the world could realize your dreams for common development and common prosperity in the globalization process though the platform of CIFIT. I wish that after watching the Olympic Games in August in Beijing, we could meet again in September in Xiamen. I look forward to seeing you in the 12th CIFIT. Thank you!
(Source: English Site of Department of Foreign Affairs)

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