China"sforeigndirectinvestmentinflowsareexpectedtohitanewrecordin2023andwillprobablyrankfirstintheworld,expertssaidonWednesday.

Thisisbecausethecountry"sFDIsurgeagainstheadwindslastyearhasindicatedforeigninvestors"strongconfidenceintheChineseeconomy,whilethegovernment"sramped-uppolicyeffortsareexpectedtoboosteconomicrecoveryandexpandFDIinflowsintokeyindustries,inlandregionsandmajorprojects,theysaid.

TheircommentscameastheMinistryofCommercesaidthecountry"sFDIinactualusehitmorethan1.23trillionyuanin2022,up6.3percentyear-on-year.InUSdollarterms,thefigurewas189.13billion,up8percentyear-on-year.

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Theperformancewasbetterthanexpected,giventhedomesticandexternalchallenges,especiallythegrowthrateforthemanufacturingindustryandmajorforeigninvestmentprojects—thosewithcontractualforeigninvestmentofmorethan$100millioneach—being46.1percentand15.3percent,respectively.

"AmidsubduedglobalFDIsentiments,therobustFDIgrowthlastyearindicatedforeigninvestorsareupbeataboutthesupersizedChinamarketanditsimprovingbusinessenvironment,"saidWeiJianguo,aformervice-ministerofcommerceandvice-chairmanoftheChinaCenterforInternationalEconomicExchanges.

"Chinawillbecomemoreattractivetothem,withthewideropening-upandtheanticipatedreboundinitseconomicactivityfollowingoptimizationoftheCOVID-19measures,"headded.

WeipredictsFDIwillgrowattwodigitstoprobablyreach$220billionto$230billionin2023,surpassingtheUnitedStates,asthelatterfaceseconomicslowdown—andevenarecession.Chinawasthesecond-largestFDIrecipientin2021,behindtheUS,accordingtotheUnitedNationsConferenceonTradeandDevelopment.

Inacircularreleasedrecently,theStateCouncilsaidthatChinawillsupportforeign-fundedresearchanddevelopmentcenters,sothattheycanuselargescientificresearchinstruments,aswellasreportsandrelevantdataofmajornationalscienceandtechnologyprograms,inaccordancewithChineselaws.

AnalystshavewidelyattributedChina"srobustFDIperformancetothecombinedeffectsofthecountry"spolicyeffortsandeconomicupgradeandexpansion,which,theysay,havelargelyoffsetdisruptionsfromtheepidemicandgeopoliticalissues.

AsconsumeractivityrecoversamiddecreasingCOVID-19disruptionsandconcertedpolicystepsaremadetopropupinfrastructureinvestmentandstabilizethepropertysector,China"seconomyislikelytoseearobustreboundthisyeartofurthershoreupFDI,theysaid.

ZhangShaogang,vice-chairmanoftheChinaCouncilforthePromotionofInternationalTrade,said,"China"snewroundofreformandopening-upwillencourageglobalcompaniesfromthehigh-endmanufacturingsectortofurthertransformtraditionalindustrieswithsmartmanufacturingtechnologyinthecountry.

"Itsindustrialecosystemanddigitalizationinitiativeswillplayacrucialroleinshapingthefutureinareassuchasconnectedproducts,electricvehiclesandcleanpowergeneration."

ConsideringthatmajorFDIprojectshavehigh-standardindustrialsupportsystemrequirements,suchastalentandindustrialchains,ZhouMi,aseniorresearcherattheChineseAcademyofInternationalTradeandEconomicCooperation,saidtheFDIdatalastyearshowedthatforeigninvestorsarebullishonChina"seconomicprospectsandareplacingmorekeylinksoftheirindustrialchainsinthecountry.

AccordingtoCCIEEvice-chairmanWei,capital,technologyandtalentwillacceleratemovingintoEastAsia,andChina"sgrowing,supersizeddomesticmarket—drivenbyitseconomicexpansion,stabilizingpropertysectorandincreaseinpeople"sdispensableincomes—willbecomeevenmoreattractivetoforeigninvestors,whonowadaystendtokeepashortphysicaldistancebetweenproductandserviceprovidersandconsumerstocutcostsandavoidsupplychainuncertainties.

TheNationalDevelopmentandReformCommissionsaidonWednesdaythatChinawillimproveimplementationofitsFDIpoliciesandguideFDIintohigh-endmanufacturing,modernservices,high-techandenvironmentalprotectionindustries,andcentral,westernandnortheasternregions.

Italsovowedtoexpand,inanorderlymanner,opening-upintelecommunication,internet,education,cultureandhealthcareindustries,removerestrictionsoutsidethenegativelistandensureequalpolicyimplementationforforeign-fundedenterprisesasChineseones.

ShenBo,seniorvice-presidentofDutchsemiconductorequipmentmanufacturerASMLandpresidentofASMLChina,saidthatbrandsthatoriginatedfromChinaplayanincreasinglyimportantroleinmajorsemiconductormarkets,whichensuresthelong-termprospectsofthesemiconductorindustryinthecountry.

ASMLcurrentlyemploysmorethan1,500peopleintheChinesemainland,anditwillcontinuetoexpandteamandattracttalentsinChina,hesaid.

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