利用外资十一五规划英文版.docx
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利用外资十一五规划英文版.docx
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利用外资十一五规划英文版
The11thFive-YearPlanonForeignCapitalUtilization(I)
TheNationalDevelopmentandReformCommission
November10,2006
Preamble
The11thFive-YearPlanonForeignCapitalUtilization,whichisanimportantpartofthe11thFive-YearPlanofChina'snationaleconomicandsocialdevelopment,basedonmakingasummaryoftheoverallsituationofthe10thFive-YearPlanonForeignCapitalUtilizationandanalyzingthedomesticandforeignenvironmentsthatthe11thFive-YearPlanfaces,putsforwardtheguidingideology,strategicobjective,keytasksandcorrespondingpolicymeasuresforforeigncapitalutilizationinChinaforthe11thFive-YearPlan,andisanimportantguidelineoftheforeigncapitalutilizationworkofChinaduringthe11thFive-YearPlan.
Duringthe11thFive-YearPlan,weshall,forthesakeoftheworkoftheforeigncapitalutilization,comprehensivelyimplementthescientificviewofdevelopment,furtherpropelthefundamentaltransformationoftheforeigncapitalutilizationfrom"beingquantity-oriented"to"beingquality-oriented,"practicallytransfertheemphasisofforeigncapitalutilizationfrommakinguptheshortageoffundsandforeignexchangestointroducingadvancedtechnologies,managementexperiencesandhigh-qualitytalents,focusmoreonecologicalconstruction,environmentalprotectionaswellasconservationandcomprehensiveutilizationofresourcesandenergies,andeffectivelycombinetheforeigncapitalutilizationwiththeupgradingofdomesticindustrialstructureandtechnologicallevel.
InaccordancewiththeplanconsentedtobytheStateCouncilonformulatingspecialplanning,andbasedonwidelysolicitingopinionsfrom40relatedministries,commissionsanddirectlysubordinateinstitutionsundertheStateCouncilincludingtheMinistryofForeignAffairs,theMinistryofFinance,theMinistryofCommerce,thePeople'sBankofChina,11industrialassociations,thelocaldepartmentsofdevelopmentandreformaswellassomeresearchinstitutions,enterprises,expertsandscholars,thisPlanisformulatedbytheNationalDevelopmentandReformCommission.
The11thFive-YearPlanisasignificantperiodservingasalinkbetweenthepastandfutureintermsoftheeconomicandsocialdevelopmentofChina.WiththedomesticandforeignenvironmentalchangesthatChinafacesaswellasthewideropeninguptotheoutsideworld,themainpurposesoftheforeigncapitalutilizationwillbechanged,andtheideas,means,keyindustries,regionalstructure,etc.oftheforeigncapitalutilizationwillalsochangegreatly.Toactivelyandeffectivelyutilizeforeigncapitalandtopracticallytransfertheemphasistotheintroductionofadvancedforeigntechnologies,managementexperiencesandhigh-qualitytalentsarethekeypointsforimprovingthequalityofforeigncapitalutilizationduringthe11thFive-YearPlan.
I.BasicInformationonForeignCapitalUtilizationofChina
Duringthe10thFive-YearPlan
Duringthe10thFive-YearPlan,markedbytheentryintoWTO,theopeninguptotheoutsideworldofChinahasenteredacompletelynewstageoffullytakingpartininternationaleconomiccooperationandcompetition,andtheforeigncapitalutilizationhasalsowalkedontoanewstep.Duringthe10thFive-YearPlan,atotalofapproximately$383billionforeigncapitalwasactuallyutilizedinChina,ofwhichapproximately$286billionwasforeigndirectinvestment,approximately$38billionwasraisedbyissuingstocksoverseas,andapproximately$46billionwasfromforeignloans.TheamounthasfarexceededtheactuallycompletedamountduringtheNinthFive-YearPlan.Themainfeaturesareasfollows:
(1)Thescaleofforeigninvestmentshasbeenextended,andtheinvestmentmethodshavebeenmorediversified.Intermsofforeigndirectinvestment,duringthe10thFive-YearPlan,theutilizationofforeigndirectinvestmenthasincreasedby34percentoverthatduringtheNinthFive-YearPlan.Chinahasbecomeoneofthemajordestinationcountriesofinternationalcapitalandtransnationalcompanies'investment.Inrespectofotherforeigninvestmentsmainlythroughoverseasstocksfinancing,greatprogresshasbeenmade.Bytheendof2005,122companiesfromthemainlandhavebeenlistedinHongKongandotheroverseasstockexchanges,andatotalof$55.544billionoffundshavebeenraised(excludingredchipenterprises).Atotalof34overseasinstitutionsareadmittedasqualifiedforeigninstitutionalinvestors(QFII).
(2)Wehavemadeprominentachievementsinreceivinganewroundofinternationalmanufacturingindustrytransfer.Duringthe10thFive-YearPlan,Chinasuccessfullygraspedtheopportunitiesofstructuraladjustmentandtransferofglobalmanufacturingindustry,broughtinlargeamountofforeigndirectinvestmentinthemanufacturingindustry,andthushaspreliminarilybecomeoneoftheimportantbasesofproductionintheworld.Theforeigninvestmentsthatwereabsorbedinfund-intensiveandtechnology-intensiveindustriesobviouslyincreased,andmanylargeforeign-investedprojectsthathadbeenpreparedforyearswerecarriedoutduringthe10thFive-YearPlan.Foreign-investedenterprisesplayedgooddemonstrationrolesinrespectoftechnology,management,philosophyofbusinessoperation,etc.,propelledthemarketizationandinternalizationofChina'seconomyandenterprisesandpromotedformulationofagroupofindustrieswithinternationalcompetitivenessincludingelectronicinformation,integratedcircuit,lightindustry,textiles,householdelectricalappliances,commonmechanicalandelectricalproductsandsoon..
(3)WiththeentirelyimplementationofChina'sWTOcommitments,apparentprogresshasbeenmadeintheserviceindustryintheopeninguptotheoutsideworld.Bytheendof2005,atotalof71foreignbanksfrom20countriesandregionshavesetup238businessoperativeinstitutionsinChina.Morethan10Chinese-investedcommercialbanksincludingChinaConstructionBank,BankofChinaandIndustrialandCommercialBankofChinahavebroughtinoverseasstrategicinvestments,andChinaConstructionBankandBankofCommunicationsweresuccessfullylistedoverseas.Atotaloffourjointventuresecuritiescompaniesand20jointventurefundmanagementcompaniesweresetupuponapproval.OnthebasisoftheWTOcommitments,theinsuranceindustryhasbeenopenedtoforeign-investedinsurancecompaniesinallregionsandinallbusinessesexceptrelatedstatutoryinsurances.Bytheendof2005,thenumberofforeign-investedinsurancecompanieshadincreasedto40companiesand93headcompaniesandbranches.Foreign-investedenterpriseshavebecomeanimportantpartinthefieldsoflogisticsandcommerce.In2005,theforeigncapitalutilizedintheserviceindustryofChinaexceededonefifthofthetotalamountofforeigninvestmentsintheyear.
(4)Foreignloansincreasedsteadily,whicheffectivelysupportedconstructionofkeyprojectsofthestate.Duringthe10thFive-YearPlan,theforeignpreferentialloansactuallyutilizedthroughoutChinatotaled$20.7billion,whichsupported150keyprojects,includingthereinforcingprojectsofthemaindykesoftheYangtzeRiverandtheYellowRiver,trunklinehighwaysinSichuanandotherprovinces,severaltrunklinerailwaysfromHubeiProvincetoChongqing,thecoal-bedgasprojectinShanxiProvince,pollutiontreatmentalongthebasinsoftheHuaiheRiver,theprojectsofagriculturalcomprehensivedevelopmentinthecentralandwesternregions,etc.Emphasiswaslaidonthecentralandwesternregions,whichgainedmorethan70percentofpreferentialloanswhentheforeignpreferentialloansbeingarranged.Thefinancingchannelsandwaysofinternationalcommercialloanstookafeatureofdiversification.Duringthe10thFive-YearPlan,$25.8billionofinternationalcommercialloans(exceptloansgrantedbyforeign-investedenterprises)havebeenborrowedinChina,whichmainlysupportedsomeprojectsonenergyandtrafficurgently-neededinthenationaleconomicdevelopmentaswellassomeindustrialprojectswithshortconstructionperiod,goodeconomicreturnsandabilitytogenerateforeignexchangeearningsthroughexportsuchasthehydro-powerstationoftheThreeGorges,Ling'aoNuclearPowerStationinGuangdong,TianwanNuclearPowerStation,QinshanNuclearPowerStation,purchaseofplanesbyairlines,helpedintroducesomeimportantadvancedtechnicalequipmentandkeyequipmentwhichcouldnotbemanufacturedbyChina,alleviatedtheunsuitablestructureofforeignexchangesourcesfromdomesticfinancialinstitutions,andenhancedthedomesticinstitutions'abilitytooptimallyallocatefunds.
(5)Capacitiesofmanagingforeigndebtshavebeenfurtherenhanced,andtheforeigndebtscaleisinstepwiththelevelofthenationaleconomicdevelopmentandthesituationoftheinternationalbalanceofpayment.WithregardtothetendencieswhichforeigndebtsofChinatookoninrecentyears,namely,theflowincreasedbytimes,thetotalscalegrewrapidly,andshort-termforeigndebtstookupalargeproportion,theadministrativedepartmentofforeigndebtssuccessivelypromulgatedrelatedprovisions,effectivelycontrolledthegrowthofforeigndebtsandadjustedthestructureofforeigndebtsinatimelymanner,soastokeepthedebtserviceratio,liabilityratio,anddebt-to-GDPratioofChina'sforeigndebtswithinthesafelinesthatareacceptedinternationally.
(6)Theregulationsandpoliciesonforeigncapitalutilizationhavebeenimprovedconstantly,andthemanagementlevelhasbeenadvancedgradually.OnthebasisoftherequirementsforthedevelopmentofsocialistmarketeconomyandChina'sWTOcommitments,relatedlawsandregulationsaswellasrulesandregul
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