Due to compounded impacts of economic and non-economic factors, there have been fluctuations in China’s utilized foreign investment this year, the reasons for which we have explained on many occasions. It’s worth noting that the amount of attracted foreign investment remains high, with a continuously optimizing structure and increasing share of high-tech sectors, reflecting foreign investors’ strong interest in China. From January to October, actual investment of Canada, the UK, France, Switzerland, and the Netherlands in China increased by 110.3%, 94.6%, 90.0%, 66.1%, and 33.0%, respectively (including investment via free ports).

China is committed to building a world-class business environment based on market principles, governed by a sound legal framework, and up to international standards, and providing better services to FIEs. The 24-point measures to stabilize foreign investment, which you are very familiar with, are targeted steps rolled out after extensively soliciting the suggestions and requests of FIEs, with a focus on key complexities and pressing difficulties they face. Relevant authorities and local governments are working hard to implement them. Many specific measures have been introduced as of late, such as extending tax exemption of three types of allowances for foreign expatriates and tax refunds for the purchase of China-made equipment by foreign-invested R&D centers, enhancing protection against online infringement, introducing visa-free entry for ordinary passport holders of six countries, and facilitating visa applications. Some other policies, such as optimizing application procedures for domestic production of drugs already marketed overseas, and regulating and promoting cross-border flow of data. We believe that as these concrete steps are implemented, the difficulties that businesses frequently report will be effectively addressed, and foreign investors will see a better business environment in China.

In the next step, as we thoroughly implement the guiding principles of the Central Conference on Economic Work, we will expand high-standard opening-up, follow high-standard international trade and economic rules, steadfastly advance institutional opening-up, respond proactively to the requests of FIEs, keep facilitating people-to-people exchanges, and optimize foreign investment promotion and service. We believe that more foreign investors will choose to invest in China, seize opportunity in China, and achieve shared development with an open China. Thank you.