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Investment remains key to China’s economic growth

Updated: Feb 16,2017 2:59 PM

Data released on Feb 15 by the National Development and Reform Commission (NDRC), China’s economic planner, indicated investment remains the key to China’s economic growth.

Despite a sluggish global economy, China’s economy grew by 6.7 percent in 2016, still one of the highest in the world.

The economy was within an acceptable range, with improved quality and efficiency, said Ning Jizhe, chief of the National Bureau of Statistics.

Faced with the slowdown pressure, the Chinese government adopted a set of measures in various fields to improve the economic structure and quality, including overcapacity reduction, administrative streamlining approvals and boosting innovation.

Despite the slowing growth of investment worldwide in 2016, China’s foreign investment totaled $139 billion, a 2.3 percent increase year on year.

The momentum was contributed to factors such as huge market potential, good infrastructure and favorable environment.

Foreign investment in manufacturing has attracted wide attention, and is a key focus of the nation.

The government is making efforts to promote “Made in China 2025” both in domestic and foreign-invested companies, further open up manufacturing industry, carry out policies to support local manufacturing projects, and offer favorable land prices to foreign investors.

In addition, as manufacturing costs are increasing, investment structure in China is being upgraded, with more money going to high-tech and service sectors.

Meanwhile foreign businesses are also encouraged to invest in the central, western and northeastern regions.