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ECNS) -- China's actual use of foreign capital surpassed 1.2 trillion yuan (about $177 billion) in 2022, a year-on-year increase of 6.3 percent, according to the Ministry of Commerce (MOC). Many international organizations have raised their projections for China’s economic growth in 2023. Studies conducted by the China Council for the Promotion of International trade showed that 99.4 percent of foreign enterprises surveyed have more confidence in China’s economic development prospects this year, 98.7percent said they will maintain and expand their investment in China, 89.8 percent said they will maintain their industrial chains in China, while10.2 percent plan to transfer their foreign industrial chains to China. Meng Huating, head of MOC Foreign Investment Management Department, said in the past three years the cross-border flow of people and logistics caused by the pandemic has become the most prominent problem encountered by foreign investment. “Chinese business delegations have gone abroad to attract overseas investments, and I believe more foreign investment projects will be implemented in China this year,” said Meng. Many international corporations have increased their investment in China this year, including P&G, Panasonic, Coca-Cola, and Schneider Electric. Gardner Aviation Chengdu's global flagship factory has transferred many wing parts manufacturing technologies and techniques from their U.K. headquarters to China, including production of 400 kinds of items. "We are optimistic about the high-quality development prospects of China's economy, and the demand for our aircraft parts and components products is surging. In 2023, we will expand our business in China and strive for a higher production capacity," said James, general manager of GardnerAerospace (Chengdu)Co.Ltd. Moreover, international experts also believe that China will make contributions to the world’s economy. Hugo Lopez Ochoa from Schiller Institute said China is an important link in the global industrial and supply chains, while its economic growth is crucial to the development of all fields globally. He believes that China will contribute even more to the world’s economic growth. “China's economy growing in a healthy way will help to hedge the challenges facing global development,” said Tang Zhimin, director of China ASEAN Studies at the Panyapiwat Institute of Management in Bangkok. He believes that in 2023, China's vitality will be further released, while it will continue to be the "stabilizer" and "engine" of world economic recovery.
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