| Bo Xilai Expressed His Expectation for Enterprises from ROK to Expand Range of Investment to China |
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| Wednesday,December 29,2004 Posted: 10:33 BJT(0233 GMT) |
On December 20, Sino-ROK Investment and Cooperation Committee held the third conference in Beijing. Minister of Commerce Bo Xilai, chairman of Sino-ROK Investment and Cooperation Committee, said that China would expand opening up to the outside world constantly and create better condition for the foreign businessmen investment in China.
Bo Xilai said, since China's entry to the WTO, we had already revised more than 2500 laws and regulations, forming a set of foreign trade law systems in accord with WTO rules and regulations. The average level of tariff was dropped to 10.4%, the opening up to the outside world in service trade is expanding constantly.
Bo Xilai pointed out that Chinese government paid attention to intellectual property rights protection, and regarded it as the important content of improving the investment environment. China set up the intellectual property rights protection law system in accordance with the international rules and regulations; National Working Group on Intellectual Property Rights Protection was established by 12 related ministries of State Council, a executive troop nearly 500,000 people was strengthening the intellectual property rights protection all over the country constantly.
Bo Xilai also said that the demands in domestic market enlarged constantly; since entry to the WTO, China's total import and export increased by US$ 200 billion every year, import was up by 100 billion yuan every year. It was estimated in the next 6 to 7 years, China annual import could be over US$ 1 trillion.
While mentioning the cooperation in economy and trade between China and ROK, Bo Xilai said, in recent years, investment growth of ROK enterprises in China was fast. From January to November this year, actual investment of ROK enterprises in China accounts for US$ 6.3 billion. By the end of November, ROK actual investment in China was over US$ 26 billion, the sixth largest source place absorbing foreign funds in China. From January to November this year, the Sino-ROK trade value was US$ 81 billion, exceeding total amount of last year; it could break through US$ 90 billion this year.
Sino-ROK cooperation in economy and trade keeps good momentum, we are mutually complementary in economic structure, and should improve cooperative level in new period; we hope that ROK enterprises expand range of investment in China, strengthen the technological cooperation of the enterprises of two countries.
Lee Hee-Becom minister commerce, industry and energy said that ROK pays attention to the cooperation in economy and trade with China, two countries are forming the international division structure of mutual benefit, Chinese investment in ROK also increases, ROK is willing to promote investment and cooperation of two sides to develop more quickly.
(Information by Network Center of MOFCOM)
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