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China pledges support to help foreign firms amid coronavirus pandemic

2020-04-07 09:11:44 Reuters

China’s commerce ministry pledged its support to help foreign invested firms in the country get back to work in the face of disruptions in global supply chains and plunging foreign demand because of the coronavirus pandemic.

In a document aimed at further stabilising foreign investment into the country, the Ministry of Commerce said on Friday it would aim to minimise the impact of the coronavirus on these investments, and further ease restrictions against foreign capital into China by reducing the number of sectors in the so-called negative list.

“The rapid spread of the coronavirus overseas has caused new negative impact on our efforts to attract foreign capital and the business resumptions of foreign invested firms,” Zong Changqing, director of the foreign investments department at the commerce ministry, told reporters.

New challenges include foreign managers and technical workers facing restrictions on entering China, stoppages in global logistics and supply chains and plunging foreign demand as overseas clients cancel or defer orders, according to Zong.

China will closely monitor the progress of key foreign investment projects in the country, and encourage further investment of foreign capital in various industries including technology, said the ministry.

Foreign direct investment (FDI) into China in February plunged 25.6% from a year earlier, dragged down by the coronavirus pandemic.

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