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Macro control unlikely to affect foreign investments
By Wang Wu (China Business Weekly)
Updated: 2004-06-21 10:54

During last week's press conference held by the Ministry of Commerce, Vice-Minister Ma Xiuhong was asked for her views on the possible influence China's moves to cool down economic overheating might have on foreign investments.

Ma made two points that warrant attention: First, "there will never be any change" in the nation's policy to give top priority to economic development; and second, healthier development will create a better environment for the influx of foreign capital.

Since the second half of last year, the Chinese Government has been emphasizing the importance of "establishing a new concept of development," while moving to curb excessive investments in certain industries. The nation's media have vociferously flayed local officials who have pursued fast GDP (gross domestic product) growth in blatant disregard of common people's needs and environmental protection.

That, understandably, has resulted in concerns that China's focus has shifted from economic development.

In fact, central authorities have never hinted at slowing economic development when they have appealed for China's "healthy, well co-ordinated and sustainable development."

Last week, Premier Wen Jiabao, on an inspection tour of Central China's Hubei Province, asked local governments throughout China to "correctly understand and carry out the central government's decision for macroeconomic adjustment and control ... and to make sure the economy develops rapidly and steadily."

In an editorial last Monday, People's Daily suggest: "Development is the No 1 task of our Party in its mission to manage the State's affairs and rejuvenate the nation. The principle of taking economic development as the top priority should not be shaken at any time -- or in any situation. But what we want is an effective, well co-ordinated, sustainable development, which will bring both instant and long-term benefits to the people."

The central government's mouthpiece hit the nail on the head when it explained the relationship between "development" and "adjustment and control."

China is still a relatively poor country; people's living standards are still fairly low; and unemployment is a serious problem. We realize only by developing our national economy will everybody have the opportunity to become affluent.

China remains a huge market with avaricious demand; Chinese people's zeal for development will not ebb. There is no way far-sighted foreign investors could possibly think China's economy will recede in the near future.

For instance, General Motors Corp recently announced plans to pour US$3 billion into China over the next three years to more than double its local production capacity. Other global auto giants are racing against each other to expand production capacity and sales in China, despite slack car sales growth in April and May.

In the year's first five months, foreign direct investment in China grew 11.34 per cent, year-on-year. That proves foreign investors have not lost confidence in business opportunities in the nation.

Neither will China's enthusiasm for foreign investment wane, given the contributions it has made to the nation's GDP growth. In terms of China's exports, a major engine of GDP growth, foreign-invested ventures contribute substantially. For example, foreign-invested firms accounted for 49.5 per cent of China's largest 200 companies that exported products last year.

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