Chinese investments welcomed abroad except in US: commerce minister

Want China Times, Staff Reporter 2013-03-10

China's commerce minister Chen Deming at a press conference in Beijing.
(Photo/CNS)

Chinese investments have been welcomed around the world except by the United States, which only approved one third of all foreign investments from China, according to Chen Deming, China's commerce minister.

During a press conference of the 12th National People's Congress in Beijing on Friday, Chen said China's Go Out policy — in which the government encourages domestic businesses to make direct foreign investments — has received a warm welcome around the world.

Chen said he has met with senior officials from more than a hundred countries in the last five years, including those from two African countries which have benefited greatly from Chinese investments recently.

However, individual members in the parliaments of certain developed counties do not approve China's policy, said Chen, adding that they still viewed Chinese businesses with a Cold War mindset and an ideological perspective. He said he believes they are not the mainstream voices of those countries nor reflect the opinion of the general public.

The minister also said Chinese investment has become increasingly popular in the US, which had previously only approved one third of foreign investments from China. Chen said he believes the situation will change as he has met with several US governors, mayors and state congresses who welcome Chinese investments. The US government also finally approved state-owned China National Offshore Oil Corp's acquisition of Canadian energy firm Nexen in February, despite "several unfair, slightly discriminatory" terms, Chen said. The acquisition was the China's largest foreign investment overseas to date.

The deal suggests the US government is evaluating the situation to fine-tune their policies. The minister believes the number of countries welcoming Chinese investment will increase as Chinese businesses explore other markets and work with companies in other countries.

The Chinese government will help its businesses protect their rights overseas and ask other foreign governments to protect Chinese investments in accordance with their laws, Chen said. To this end, the ministry will sign investment protection agreements with other countries, especially developed ones, reported the state-run China News Service.　

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Chen Deming　　陳德銘