Update on China’s “24 Measures” Aimed at Attracting Foreign Investment

In 2023, the State Council introduced 24 measures to attract foreign investment in China, with 60% being implemented or making progress. Roundtable discussions by MOFCOM aim to resolve operational issues for over 400 foreign-funded enterprises, addressing over 300 individual issues by January 2024.

In July 2023, the State Council issued the “Opinions of the State Council on Further Optimizing the Foreign Investment Environment and Intensifying Efforts to Attract Foreign Investment”, also referred to as the “24 measures”, to boost foreign direct investments in China.

This document includes 24 measures sub-divided into 59 specific items, ranging from improving intellectual property rights to facilitating cross-border data flows.

While expressing satisfaction with the progress achieved, Wang Wentao disclosed that 60 percent of the policy measures have been successfully implemented or have made steady progress. Specifically, he mentioned that 10 out of 59 policies were completed, 28 have made phased progress, and 21 are continuing to advance.

Regarding the completed measures, Zhu Bing, Deputy Director of the Department of Foreign Investment Administration, offered some more insight by mentioning some of the measures that have been successfully tackled.

Roundtable discussions, introduced in July 2023 as part of the Ministry of Commerce’s (MOFCOM) foreign trade and foreign investment coordination mechanism, aim at fostering regular and more direct communication with foreign-funded enterprises (FIEs), thereby facilitating the resolution of operational issues.

Since their inception, these roundtable meetings have witnessed substantial participation, with over 400 FIEs and foreign chambers of commerce engaging in 16 roundtable meetings by the end of January 2024. These discussions have successfully addressed more than 300 individual issues.

This article is republished from China Briefing. Read the rest of the original article.

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