Despite the pandemic-induced worldwide economic slowdown, global investors have continued to double down on investment in China this year, demonstrating a vote of confidence in the nation's stable economic outlook and its opening-up commitment.
German carmaker BMW recently announced its upgraded strategy for the Chinese market, with three new or upgraded plants slated to open in 2022.
"What moves China today will move the world tomorrow. It is a perfect place and a great partner for the BMW Group to drive transformation," said Nicolas Peter, member of the board of management of BMW AG responsible for finance and China affairs, at a press briefing. "Next year, three new or upgraded plants will open in Shenyang and Zhangjiagang. We will soon be launching the second BMW battery electric vehicle from Shenyang.
It is a fully electric 3-series, further enhancing China's position as one of BMW Group's top three new energy vehicle production bases in the world," Peter added.
While the global economy and trade have been interrupted by the pandemic, China has defied the trends of global investment slump to post stellar growth.
In the first 11 months of the year, foreign direct investment (FDI) into the Chinese mainland, in actual use, rose 15.9 percent year on year to 1.04 trillion yuan, or 157.2 billion U.S. dollars, the Ministry of Commerce said.
This figure has already topped the one-trillion-yuan mark, surpassing that of the whole-year FDI in 2020 and confirming China's continued dominance as the top investment destination.
The pouring investments speak volumes about China's commitment to opening up more sectors for foreign investment.
In recent years, China has trimmed nearly two thirds of the negative list for foreign investment. A new version of the list is slated to be unveiled by the end of the year.
The country has also been actively advancing the Regional Comprehensive Economic Partnership agreement, which will take effect on Jan. 1, 2022, and applying to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership to further boost economic integration and expand market access.