China’s Ministry of Industry and Information Technology (MIIT) struggled on Tuesday to explain the mass exodus of foreign investors from lockdown-ravaged Chinese cities by claiming it was all just a bit of harmless “industry chain relocation” and insisting China remains “a top destination for foreign investors.”
China’s state-run Global Times uncritically quoted the desperate spin from MIIT official Yao Jun:
Though some foreign-funded firms have promoted a diversified layout, overall investment in China by foreign investors has not slowed down, Yao said, noting that China’s actual use of foreign capital reached 564.2 billion yuan ($83.5 billion) in the first five months of the year, up 17.3 percent year-on-year.
China’s manufacturing industry is increasingly attracting all kinds of resource factors, and more and more
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