Chinese government sets up investment promotion agency

27 July 2006

Beijing, China, 27 July – the Chinese government has announced the creation of a national public body to promote international investment, aimed at Chinese and international companies, official Chinese news agency New China reported Wednesday.

The Chinese Council for the Promotion of International Investment (CCPII) already has 137 members, including Chinese registered investment promotion organizations, financial institutions, economists and investment companies, according to New China.

The agency will be headquartered in Chengdu, the capital of Sichuan province (central China) and will be responsible for attracting foreign investment to China, internationalize Chinese companies and promote investment by Chinese companies outside the country, as well as promoting the participation of Chinese companies in economic and technological partnerships with foreign companies.

China already ahs a Chinese Council for the Promotion of International Trade (CCPIT), the most important Chinese foreign trade institution, run by the Ministry of Trade.

The CCPIT is also responsible for introducing foreign technology to China, organizing economic and technological cooperation initiatives with other countries and directing foreign investment within China, but New China did not specify how the CCPIT would work together with the CCPII. (macauhub)