Invest in China: building a prosperous future together
28 March 2023
His Excellency, Vice Premier He Lifeng,
Excellencies,
Distinguished Delegates,
Ladies and Gentlemen,
It is with immense pleasure that I stand before you today at this momentous event, "Invest in China", under the theme of "building a prosperous future together" – a theme that is well chosen and that echoes UNCTAD’s own mission of “prosperity for all”.
I would like to express my profound gratitude to our hosts, the Chinese government and the organizing committee, for their tremendous efforts in making this gathering possible.
We find ourselves at a critical juncture in human history – a moment filled with challenges but also brimming with possibilities.
However, years of rising debt burdens, unrelenting climate disasters and interrupted growth rates have meant that many developing countries face these growing challenges with shrinking resources to solve them.
Looking at global trends in investment, the recent picture has not been encouraging, making this event all the more timely.
Global foreign direct investment (FDI) nose-dived in 2020 due to the pandemic. FDI recovered in 2021 but to a level still 15% below the $2 trillion reached in 2015.
Furthermore, this recovery was not only incomplete – it was also short-lived.
New investment projects, including greenfield announcements, international project finance deals, and cross-border mergers and acquisitions, have all declined since the first quarter of 2022, when the war in Ukraine started.
Unfortunately, this negative momentum may well continue in 2023, as rising interest rates increase the cost of capital and dry up liquidity, resulting in international investment remaining well-short of its pre-pandemic level, especially at the time we need it most.
China, with its rich history, remarkable economic growth and innovative spirit, has become a powerhouse on the global stage.
The country's rapid development and commitment to progress, have created unique opportunities for investment, collaboration and partnership.
As such, "Invest in China" is not merely an invitation to participate in China's success, but rather a call to join forces with a nation that has the potential to drive transformative change on a global scale.
China has played an important role in international investment as both a recipient and source country.
FDI flows to China have been growing steadily in the last three years, driven by the measures taken by the Chinese government to continuously improve the policy environment for foreign investors.
Moreover, China remains an extremely important investor, especially for the Global South.
At the same time, the Chinese government is placing greater emphasis on the quality of investment, both inward and outward, while taking measures to encourage investment in climate change mitigation and adaptation.
We have seen Chinese firms investing in renewable energy and becoming a leader in many green technologies. So China has the potential to play an even more significant role in investing in the climate transition – both domestically and internationally.
For a shared prosperous future, it is essential to continue promoting green investment not only for China but for the rest of the world.
Your Excellencies, Ladies and Gentlemen,
In conclusion, let us seize this historic opportunity to "Invest in China" and embrace the spirit of "building a prosperous future together". For it is through our collective efforts and unwavering commitment to sustainable and responsible investment, that we can forge a brighter, more inclusive and resilient global future for all.
Thank you.
