A CHINESE official dismissed concerns about the outflow of foreign capital from China, stressing that the country has multiple favorable conditions to attract foreign investment.

The official at the Office of the Central Committee for Financial and Economic Affairs said there are enormous opportunities for global businesses in the country’s super-large market, complete industrial system and new development pattern.

China’s per capita GDP has exceeded US$12,000 and its middle-income group has surpassed 400 million, forming a vast domestic market with huge potential, the official said.

China is the only country that has all the industrial categories listed by the United Nations and its industrial advantages are unmatched by other countries.

The remarks came as the country held its annual Central Economic Work Conference a week ago to decide priorities for the economic work in 2024. Chinese leaders pledged to expand high-standard opening up at the conference.

Responding to media reports on China’s foreign direct investment, the official said despite a slip in the first 10 months, the investment volume remains at a high level and foreign funds going to services and high-tech manufacturing have registered more rapid growth.

The official attributed the recent volatility in investment data to a drastically changing external environment with rising geopolitical risks, misunderstanding of China’s real conditions due to pandemic-disrupted communications, and the normal transfer of some labor-intensive industries amid shifting comparative advantages.

Looking ahead, the official has vowed to steadily promote institutional opening up, cancel all foreign investment restrictions in the manufacturing sector, expand opening up in telecommunication and medical services, and resolve issues such as cross-border data flow and equal participation in government procurement.

Efforts will also be made to make it easier for foreigners to do business, study and travel in China, the official said.  (Xinhua)