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Chinese premier challenges the World Bank report on slowing investment when meeting his German guest.
In a rare move, Chinese premier Wen Jiabao has himself stepped forward to defend the country’s investment climate after the World Bank recently gave it a low investment environment ranking.
“Currently, there is an allegation that China’s investment environment is worsening. I think it is untrue,” Wen said in reply to a question put by Juergen Hambrecht, chief executive of the chemical company BASF, during the ongoing visit of German chancellor Angela Merkel.
At the same time, Wen tried to assure foreign investors that there will be no discrimination in favor of local companies.
“For those which have entered China, they all enjoy national treatment as Chinese companies do, no matter whether they are a foreign-funded company, a joint venture or a joint stock company,” the premier said.
In a report entitled “Investing Across Borders 2010”, the World Bank said on Wednesday that China was doing well on four groups of indicators - investing across sectors, starting a foreign business, accessing industrial land and arbitrating commercial disputes.
Chinese officials have challenged its judgement by pointing to the steady inflow of foreign direct investment, which grew 19.6% to $51.43 billion in the first half of 2010. The month of June saw a growth of 39.6% making it the 11th straight month to witness increase in FDI as per data of the ministry of commerce.
“Foreign investment will not pour into a country where the investment environment is worsening,” Wen said. At the same time, the premier paid attention to complaints that foreign companies were hindered by a new rule that encouraged Chinese companies to buy more goods and services based on indigenously produced technology.
The premier also assured his visitors that China would not block the export of rare earth minerals, which will be done at a reasonable price and volume. China supplies about 90 percent of the world’s rare earth minerals.
Chinese government experts have opposed the World Bank report. “A country’s investment environment cannot be fully reflected by the four groups of indicators. The report just represents one perspective on the issue,” Zhao Jinping, a senior researcher with the Development Research Centre of the State Council, or the national cabinet, said.
“Other factors including logistics efficiency, labour costs and commodity prices should also be taken into consideration,” he said.
In a rare move, Chinese premier Wen Jiabao has himself stepped forward to defend the country’s investment climate after the World Bank recently gave it a low investment environment ranking.
“Currently, there is an allegation that China’s investment environment is worsening. I think it is untrue,” Wen said in reply to a question put by Juergen Hambrecht, chief executive of the chemical company BASF, during the ongoing visit of German chancellor Angela Merkel.
At the same time, Wen tried to assure foreign investors that there will be no discrimination in favor of local companies.
“For those which have entered China, they all enjoy national treatment as Chinese companies do, no matter whether they are a foreign-funded company, a joint venture or a joint stock company,” the premier said.
In a report entitled “Investing Across Borders 2010”, the World Bank said on Wednesday that China was doing well on four groups of indicators - investing across sectors, starting a foreign business, accessing industrial land and arbitrating commercial disputes.
Chinese officials have challenged its judgement by pointing to the steady inflow of foreign direct investment, which grew 19.6% to $51.43 billion in the first half of 2010. The month of June saw a growth of 39.6% making it the 11th straight month to witness increase in FDI as per data of the ministry of commerce.
“Foreign investment will not pour into a country where the investment environment is worsening,” Wen said. At the same time, the premier paid attention to complaints that foreign companies were hindered by a new rule that encouraged Chinese companies to buy more goods and services based on indigenously produced technology.
The premier also assured his visitors that China would not block the export of rare earth minerals, which will be done at a reasonable price and volume. China supplies about 90 percent of the world’s rare earth minerals.
Chinese government experts have opposed the World Bank report. “A country’s investment environment cannot be fully reflected by the four groups of indicators. The report just represents one perspective on the issue,” Zhao Jinping, a senior researcher with the Development Research Centre of the State Council, or the national cabinet, said.
“Other factors including logistics efficiency, labour costs and commodity prices should also be taken into consideration,” he said.