China's vice minister of commerce calls on multinational car companies to seize the opportunity to further expand their investment in China and improve the layout of the supply chain.

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China's Ministry of Commerce has held a symposium for foreign companies in the auto industry chain to express the importance the Chinese government attaches to them and call on them to increase local investment.

Wang Shouwen, Vice-Minister of Commerce and Deputy China International Trade Representative, hosted the symposium in Beijing on March 31, which was attended by representatives of 17 foreign-owned auto and parts manufacturing companies and auto industry associations, according to an announcement published today on the ministry's official website.

The Chinese government attaches great importance to the utilization of foreign investment in the manufacturing sector, and the auto industry is an important part of China's utilization of foreign investment, Wang said.

In recent years, China has been expanding market access in the automotive sector, actively encouraging multinational car companies to invest in China and striving to create a favorable business environment for foreign car companies to develop and grow in the country, he said.

China is speeding up the process of achieving innovative development and green development, providing a broad development space for multinational car companies to realize their own technological transformation and electrification strategy, he said, adding that he hopes multinational car companies will seize the opportunity to further expand their investment in China and improve the layout of the industrial chain supply chain.

The ministry, together with the relevant authorities, will continue to strengthen communication with foreign-funded companies, solve difficulties and problems in a timely manner, and provide them with better services and protection, he said.

Participating companies said they will continue to take China as one of their most important overseas markets and increase investment in China in new energy vehicles (NEVs), power batteries, hydrogen energy, and technology research and development, according to the announcement.

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