China continues to welcome European investment: ambassador

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Ambassador Zhang Ming, head of the Chinese Mission to the EU. (File photo: Xinhua)

BRUSLS, June 13 (Xinhua) -- "China will continue to welcome European investment with open arms and is all ears to the advice and recommendations of European businesses," Ambassador Zhang Ming, head of the Chinese Mission to the EU, said in a recent speech.

"Despite uncertainties in the global economy, China has managed to maintain steady growth. Thanks to the complete industrial system, abundant human resources, growing R&D input and infrastructure, China is well-equipped to achieve higher-quality development," he said Tuesday in a speech during a luncheon hosted by the EU-China Business Association.

Official data from Chinese authorities show that consumption contributed 76.2 percent to China's growth in 2018.

"China has a vast market of nearly 1.4 billion people and a huge middle income group of over 400 million people... The Chinese market would unleash an even greater potential, which could underpin a sustained growth of the Chinese economy at decent rates. I am sure that this is a source of huge opportunities for European businesses," he told the audience composed of Chinese and European business leaders.

In 2018, the value of China-EU trade exceeded 680 billion US dollars, a year-on-year increase of 10.6 percent. EU real-term investment in China amounted to 10.4 billion US dollars, up 26 percent, according to the ambassador.

According to a business confidence survey recently released by the EU Chamber of Commerce in China, the Chinese market remains a top-three current and future investment destination for 62 percent of respondents, with 56 percent looking to expand their current operations in 2019. Seventy-five percent of respondents reported positive earnings for 2018.

"I am encouraged to see the interest and confidence of European companies in the Chinese market... With joint efforts, we could have greater mutual trust and greater opportunities for cooperation, for our own good and for the good of the global economy," he concluded.