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According to published estimates, in the ranking of the world's investment confidence index, attracting foreign investors in 2002, drawn up annually by the consulting firm A.t. Kearney, first place is China, ahead of timeless leader – United States. Key factors of this success, the authors index is called a stable political environment, accession to the WTO and the success in the contest to host the Olympics 2008, Entrepreneurs do not bother neither the condition of the banking system, the affected areas of debts or doubtful Government statistics. "The majority of respondents said that China gives them something they especially appreciate: market size and consistent public policies to support business" said Paul Lodisina, Vice President of A.T. Kearney and General Coordinator of the projec
China's entry into the World Trade Organization (WTO)-significant factor increasing of interest of transnational corporations to a long-term investment in China. This is due to the following reasons:
-First, the WTO accession leads to a radical change in the investment environment for foreign investors. China, while respecting the principles of the WTO and related agreements, is restructuring the regulatory-legislative framework governing international relations and provides a system of protection of property rights of foreign investors in China. Since the beginning of 2002, China has reduced import duties on 5000 kinds of goods from 15.3% to 12%, canceled licenses for imports of grain, wool, fertilizers, etc.;
-Secondly, China's entry into WTO is expanding the scope of the activities of TNCs. Allow transnational corporations to invest in the Chinese economy in the form of mergers and acquisitions is one of the most common forms of investment in the world, allowing them more massively invest in the Chinese economy. Opening up to FDI in areas such as banking, insurance, electronic communications, stock market, tourism, etc., provide more generous space for investing TNCs;
-third, after China's entry into WTO on Chinese exports will benefit from the most-favoured-nation, benefits to reduce customs tariffs and lifting non-tariff barriers, get more opportunities for trade, lifting the national manufacturing industry.
Note that the dynamics of foreign investments in China differs from trends in the movement of international investments in the world. In 1992-1994, the volume of foreign direct investment worldwide grew slowly, and in China is significantly increased. In 1995, the increase in total foreign direct investment in the world, and has accelerated in China slowed. In 1997, the worldwide-has fallen, and risen in China. In 1998-1999, the global FDI grew rapidly, and in China the reverse was observed; in 2001, in the world, maybe for the first time showed decline in FDI and FDI in China rose by 14.9%1.
A similar pattern is caused by the following:
-First, despite the downturn of the world economy in recent years, the Chinese economy is growing steadily, so China has become a profitable place to invest in foreign investment. In 2001. China's GDP growth was around 7.3%, which was three times higher than in developed countries. China's attractiveness as a safe and stable place to invest capital has increased after the attack of September 11 in the United States;
-Second, according to Chinese and Western experts, a new industrial structure change on a global scale to effectively influence the attraction of foreign investment in China. Stable growth of the economy now depends not so much on scientific and technological progress, but on reducing costs and expanding market. This caused a shift in the direction of investment on a global scale. In developed countries the market is saturated, and you want to enter new markets. All this has provided a good chance for China to attract foreign investment;
-Thirdly, when improved the situation of investment in the world, factor advantages to attract investment in China were foreign capital inflows, but when the situation deteriorated in the world investing, factor advantages to attract investment in China have been very noticeable;
China's policies on attracting foreign investment is irreversible, it would continue to expand the scope of opening up to the outside world and improve the investment climate in order to continuously expand and improve the use of overseas investment and to promote rapid and healthy development of the national economy.
From here, however, it does not follow that in China all the problems associated with the formation of the investment climate and attracting foreign investment.
Investors still face a lack of transparency, inconsistently enforced laws and regulations, poor protection of intellectual property rights, corruption policies to protect local firms, as well as the legal system is incapable of guaranteeing the reliability of the sanctity of contracts. In China there is the most powerful State bureaucracy, which has enormous power. However, in China it actively fighting, and tough. The Chinese Government is the conductor of the authorities on the development of China's economic power, power is rigidly asked the officials.
Controversial dispute resolution, none of which are independent of the Government. The Government often intervenes in the controversy of high profile. Corruption can also affect sudebnyhe decisions, local officials can affect the decisions of national courts. The PRC legal system seldom enforces a foreign court decisions. Foreign lawyers could not act as lawyers in Chinese courts, but can watch the proceedings. Local authorities also work with a large degree of autonomy from the Central Government. Chinese visa, legal registration of residence and work permits are strictly regulated, and may deter investors. Foreign investors working through law firms are usually able to meet these requirements. However, in March 2007, the national people's Congress adopted a new law on personal income tax, which eliminated many tax advantages for foreign investors.
The wide openness to the outside world has increased dependence of national economies of the world. This becomes especially dangerous in times of sharp fluctuations in world market. Many foreigners, victims of the crisis, close their businesses2.
From the beginning of the reform policies Beijing was betting on the use of its main comparative advantage-huge resource of cheap labor to produce cheap goods for export. Such goods are delivered primarily to enterprises with foreign capital. For his engaging Beijing many years created by providing various benefits and privileges exceptionally favourable investment climate, is far more profitable for foreigners than for domestic entrepreneurs. Statistics show that the inflow of foreign investments affect not only cheap labour, but the scale of the local market. The large countries are in this sense some advantage. International investors recognize the high investment attractiveness of China. CHINA is the world's leading and fastest growing market of consumer goods, ahead of India, for example, by size of market, infrastructure and macroeconomic climate3.
China offers investors a comprehensive system of incentives at the national, regional and local levels. In special economic zones (SEZ) of Shenzhen, Zhuhai, Shantou, Xiamen and Hainan, 14 coastal cities, development zones for investors is shrinking national and local income taxes, land use, and import fees, export taxes, and as a matter of priority in getting basic infrastructure services. Many offer a high level of support and services for businesses. Chinese authorities have also created a number of free ports. Finally, China has numerous national parks science. The naukoparkah provided with the infrastructure, management and financing of support for foreign firms.
In December 2003, the World Bank (WB) has published a report on "improving the investment climate and competitiveness of cities in China: ranking 23 Chinese cities", which caused a big stir in China. Among the 23 cities on the list, the first category a + were identified as Hangzhou, Shanghai, Guangzhou and Shenzhen. the second category and hit Chongqing, Changchun, Wenzhou, Jiangmen; category a – presented the Dalian, Tianjin, Beijing and Zhengzhou; Wuhan, Nanchang, Changsha, Xi'an and were classified as b +; Chengdu, Guiyang, Kunming and Nanning are classified in Harbin, Lanzhou and Benxi are categorized in. Скрыть
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