China's opening-up policy impetus to world economy

BEIJING - China's opening-up policy in the coming five years to 2015 will provide a new impetus to global growth, China's Minister of Commerce Chen Deming said in Beijing on Sunday.

"China will continue to strengthen its engagement with the world with greater courage and determination as the country's opening-up policy in the past decades has generated huge opportunities for both China and the rest of the world," Chen said at the China Development Forum 2011.

China will continue its policies to make it more attractive to foreign investment while encouraging local enterprises to "go global" in the 12th Five-Year Plan period (2011-2015), Chen said.

"China always welcomes foreign investment to play a constructive role in its development and share its prosperity," he said.

He said the elimination of favorable tax breaks for foreign companies was aimed at creating a level playing field for all companies.

He also promised transparency and fairness in its market policies for foreign companies to encourage innovative competition.

With more Chinese enterprises going overseas, Chen urges foreign governments to improve investment environment and provide equal market access to the Chinese.

"In 2010, China's outbound direct investment hit $59 billion, which equals to 60 percent of the foreign direct investment in China. In the next five to 10 years, China will gradually strike a balance on the capital flow," he said.

The 12th China Development Forum runs from March 19 to 21 in Beijing and its theme this year is "The Ongoing Transformation of China's Growth Pattern."