November 29, China has approved the establishment of 730,000 foreign enterprises and has absorbed $1.2 trillion in accumulative foreign direct investment, China National Radio reported on its website, citing Vice-Premier Wang Qishan.

Wang was speaking the Fifth Congress of the China Association of Enterprises with Foreign Investment in Beijing on Nov. 28.

The Vice Premier said that since China began opening up three decades ago, foreign companies have accounted for 50% of total export-import volumes, one-seventh of direct employment, one-fifth of tax revenue and one-quarter of industrial production.

This year marks the 10th anniversary of China`s accession to the World Trade Organization. Foreign companies have complained about unfair treatment in China, to which Wang responded by saying that overseas firms are still enjoying more preferential policies than their domestic counterparts.

But he did concede that "if there was anything the Chinese government could improve, it could be market access".

Source:21cbh.com