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中国的投资环境与意大利企业到中国投资的机会
中国投资发展促进会副会长沈觉人
(1999年11月，意大利)
女士们，先生们，各位朋友：
非常荣幸出席今天关于中国投资环境的专题研讨会。我向诸位企业家介绍一下中国目前的投资环境、对外商投资的有关政策及意大利企业到中国投资的机会，希望我的介绍了有助于增进意大利工商界对中国的了解，促进中意双边经贸关系的发展。
一、中国改革开放以来吸收外资的基本情况
吸收外商直接投资是中国改革开放的起步之举。从1979年颁布中外合资经营企业法、1980年首次批准外商在中国设立企业以来，随着中国投资环境的不断改善，涉外经济法律的不断完善，中国吸收外商直接投资发展迅速，逐步成为国际投资的热点地区。
截至1999年6月底，中国累计批准外商投资企业33万2千7百家，合同外资金额5918.9亿美元，实际利用外商直接投资金额2856.8亿美元。目前，在中国投资的国家和地区达180多个，外商投资企业已经开业近17万家，就业人数超过1800万，占中国非农业劳动力人口的11％。从1993年到1998年，中国连续六年成为吸收外商直接投资最多的发展中国家。1993－97年，中国吸收外国直接投资在全球仅次于美国，居世界第二位；1998年在美国、英国之后，位居世界第三。1997年、1998 年外商对华实际投资金额均超过450亿美元，今年外商对华投资略有下降，但仍保持相当的规模，预计实际投入金额可接近400亿美元。
改革开放二十年来，中国吸收外商投资的产业结构不断改善。1998年，在新批合同外资金额中，第一产业占2.3％，第二产业占64.6%，第三产业占33.1％，其中房地产项目占7.9％。按实际投入金额分析，第一产业占1％，第二产业占65％，第三产业占34％。这一年，外商投资的资金和技术密集型项目明显增加，国家鼓励投资类项目增加较多，限制类项目减少，基础产业和基础设施项目成为外商投资的热点。由于大项目投资增加，平均单项外商投资规模不断扩大，1998年新批外商投资平均单项投资额为260多万美元。由于加强了对外商投资产业的引导，有效减少了低水平的重复建设。
外商对华直接投资主要由合资、合作和独资三种形式。截至1998年底，中外合资、合作企业占外商投资企业数、合同外资金额和实际投资额的73.2%、68％和69.4％。近年来，外商独资企业有所增加，1998年新批独资企业数，合同外资金额和实际投资额分别占当年中国吸收外资总量的48.9％，41.8％和36％。
亚洲、美国、欧盟和部分自由港是中国吸收外商投资的主要来源地。按实际投入外资金额，截至１９９８年底，对华投资前十五位的国家和地区依次为香港、日本、美国、台湾、新加坡、韩国、维尔京群岛、英国、德国、澳门、法国、马来西亚、加拿大、荷兰和泰国。
跨国公司来华投资日益增多，目前世界前五百家跨国公司中，有近四百家来华投资。摩托罗拉、西门子、贝尔、朗讯、三菱重工、伊藤忠商社、沃尔马特、飞利浦、波音、雀巢、惠普、联合利华、通用电气、荷兰皇家壳牌、诺基亚、爱立信、三星、松下电气、大宇等著名跨国公司在华均有较大投资。
按企业售额计算，1998年中国最大的二十家外商 投资企业分别是：上海大众汽车有限公司、摩托罗拉（中国）电子有限公司、华能国际电力股份有限公司、深圳希捷科技有限公司、长飞光纤光缆有限公司、康佳集团公司、广东核电合营有限公司、上海贝尔电话设备有限公司、一汽大众汽车有限公司、广州宝洁有限公司、希捷国际科技（无锡）有限公司、大连西太平洋石油化工有限公司、上海轮胎橡胶股份有限公司、中国国际海员集装箱股份有限公司、北京吉普汽车有限公司、深圳三洋华强能源有限公司、北京诺基亚移动通信有限公司、庆铃汽车股份有限公司、上海三菱电梯有限公司、南通远洋船务工程有限公司。
二、中国的投资环境和对外商直接投资的优惠政策
改革开放以来，中国一直致力于营造良好的外商投资环境，根据社会经济发 展的具体情况，给外商来华投资提供了一系列优惠政策。中国政府不断采取措施，扩大对外商投资的开放领域。最近，中国政府又决定在以下领域取消或进一步放宽外商投资限制：取消外商投资金融领域的地域限制，外国金融机构可申请在全国任何省市设立金融机构；将保险业地从目前的上海、广州两市，扩大到深圳、重庆、大连、天津等主要城市和贸易中心；将外商投资零售商业企业试点地扩大到全国省会城市，直辖市和经济特区，同时开始在京、津、沪、渝等地进行商业批发业吸收外商投资的试点；扩大跨国公司在华设立的投资公司的经营范围；扩大外商投资外贸企业的试点范围和试点数量；扩大外商投资会计师事务所、评估机构、监理公司、法律咨询公司等各类中介服务业的试点；进一步增加航空运输业吸收外商投资的公司数量；
支持符合条件的国内公司与国际上有实力大公司，合资建立工程公司，鼓励其承接国内外大型工程项目；继续有步骤的开放电信 市场
到目前为止，中国除了国家受保护野生动植物资源、电网建设和经营、放射性矿产采选及加工、新闻业等少数行业禁止外商投资以外，多数行业都鼓励和允许外商投资。
第二， 中国政府对外商投资在所得税方面给予了一系列优惠政策，这些政策主要有：
在经济特区、高新技术产业区、经济技术开发区， 所得税率从33％降为15％。在沿海开放地带、省会城市、沿边和沿江开放城市，企业所得税率从33％降为24％。对外商投资生产性企业，经营期在十年以上的，实行从获利年度起2年免征、3年减半征收企业所得税。此外，中国政府对出口型企业、投资回收周期长的项目等也给予相应所得税减免。
第三， 中国政府鼓励外商投资高新技术产业，向中国企业转让技术。
对己设立的鼓励类和某些限制类企业、外商投资研究开发中心和产品出口型企业进行技术改造，进口有关自用设备及其配套技术、配件、备件，可免证进口关税和进口环节税；
外商向中国境内转让技术，凡属技术先进或条件优惠的，可免征营业税和企业所得税；
外商投资企业取得的技术转让收入免征营业税。
第四， 中国政府鼓励外商投资企业扩大出口，按照国际通行做法，对出口产品实行退税政策。外商投资企业在投资总额内采购国产设备，可全额退还国产设备增值税并抵免企业所得税。
第五， 中国政府规定，除了卫星导航定位接受设备及关键部件等涉及国家安全，城市地铁及轻轨的建设和经营等公用事业，铜铅锌等少数有色金属开采等领域不允许外商独资或控股外，其他绝大多数领域对外商的持股比例均不加以限制。
第六， 中国法律规定，中外合作经营的期限，根据不同行业和项目的具体情况，由合营各方协商决定。一般项目的合营期限原则上为10年一30年。投资大、建设期长、资金利润低的项目，合营期限也可以在30年以上。合资企业合同期满，可提出延长合资期的申请。
第七， 中国政府鼓励外商投资企业产品出口或替代进口，并给予相应的优惠政策。对非高新技术产业的外商独资企业，要求产品全部或大部分出口，其他外商投资企业产品出口比例均由合资合作双方在合同中自行约定。
第八， 中国法律规定，外商投资者从所投资企业取得的利润，在履行纳税义务后，可自由汇出境外。
第九， 中国政府向外商投资企业提供金融支持。中国政府允许中国商业银行接受外方股东担保，允许外商投资企业以外汇质押方式向中国境内中国外汇指定银行申请人民币贷款；设立专项产业投资基金缓解增资时中方股本金不足的问题；允许中国商业银行对符合条件的中方股东发放股本贷款。
三、意大利企业在中国的投资情况和投资机遇
意大利企业对华投资起步较晚。1991年以前，意大利对华投资项目较少。随着中国经济的发展，意大利企业家对中国市场兴趣增加。在中意两国政府的支持下，近年来，意大利企业在华投资有较大幅度的增长。截至1998年底，意在华投资项目1254个，协议金额21．4亿美元，实际投入14.3亿美元。在欧盟国家中居英、德、法、荷之后，列第五位。今年1一9月，意在华新设投资项目78个，协议金额1.4亿美元，实际投入金额2.7亿美元，均比去年同期增长。意大利在华投资主要分布在中国东部沿海地区，涉及汽车、服装、纺织、鞋类、皮革、首饰、机电、仪表、航空和租赁等行业。意大利的著名企业菲亚特集团、蒙爱集团和埃尼集团在华均有较大投资。但同其他发达国家相比，中意合作的大项目不多，发展潜力还很大。
从目前情况看，中意合作前景广阔，意大利企业在华投资面临着十分有利的机遇。
一是经过改革开放20年来的发展，中国东部沿海地区的经济发展水平有了较大提高，交通、通讯、能源 等基础设施日臻完善，具有相当的工业加工能力和技术开发能力。希望意大利企业发挥技术先进的优势，到这些地区设立资金、技术密集型企业；同时，也欢迎设立劳动密集型企业，发挥中国劳动力资源丰富的优势。
二是中国广大的中西部地区土地辽阔、资源十富。目前中国政府正在实施中西部地区大开发战略，将在中西部地区优先安排基础设施建设，增加财政支持，在技术改造、资产重组、结构调整、国有企业改革等方面加大支持力度。中西部地区正在利用各种形式，包括加强与国外投资者的合作，发展有比较优势的产业（如劳动 密集型产业和资源型产业）和技术先进的企业，促进产业结构优化升级。意大利企业可以通过合资合作、技术转让、联合开发等方式参与中国中西部地区的经济发展。
三是当前中国的国有企业改革正处于重要阶段。中国政府鼓励和支持国有企业以多种方式吸收外商投资，通过合资合作，引进资金、先进技术和管理经验，盘活国有资产存量；在准确地进行资产评估的基础上，国有企业可向外商转让部分产权，鼓励外资以多种形式参与国有企业的改组改造，促进国有企业转换经营机制，提高国有经济整体素质；鼓励外商和外商投资企业，转让技术，推动国有企业技术进步。
四是以公有制为主体、多种经济成分共同发展，是中国在相当长的一个历史阶段内需要坚持的一项基本经济制度。改革开放以来，在国有经济不断发展的同时，中国的集体经济、个体私营等非公有制经济发展迅速，在国民经济中发挥着越来越重要的作用。集体经济和非公有制经济的发展，为外国投资者进入中国市场提供了新的机遇。
四、 中国与意大利的友好关系及双边关系发展的展望
中意两国人民的友好关系源远流长。早在13世纪，意大利著名商人和旅行家马可波罗来到中国，在中意关系史上留下了一段令人难忘的历史佳话。新中国建立以后，意大利是较早与中国建立外交关系的欧洲国家之一。建交以来，双方在政治，经贸等方面的合作关系发展顺利，先后签署了《避免双重征税协定》、《关于鼓励和相互保护投资协定》、《经济合作协定》等一系列促进双边经贸关系发展的政府间协议。1998年，中意两国贸易额达到48.5亿美元，其中中国从意大利进口22．8亿美元，意大利是中国在欧盟国家中的第五大贸易伙伴。
中意两国，一个是世界上最大的发展中国家，一个是世界上重要的发达国家。两国在资源结构、产业结构、消费水平等方面的差异，决定了双方经济具有较强的互补性。发展中意贸易和经济合作有十分优越的条件和广阔的前景。在人类即将跨入二十一世纪的时候，中意两国经贸关系的发展也面临着新的契机。希望两国工商界 人士加强合作，大力推动双边经贸关系的发展。期待有更多的意大利企业家到中国去参观考察，投资办厂，开展贸易业务。希望我们携起手来，共同努力，我深信，我们必能将一个生机勃勃。不断发展的中意经贸关系带入二十一世纪。
谢谢大家！
The Investment Environment in China and the Opportunities for Italian Enterprises
SHEN Jueren
Vice President of China Association for the Promotion of Investment
(Italy, November, 1999)
Ladies and gentlemen, friends,
It is a great pleasure to attend today’s symposium on the investment environment in China. I would like to avail myself of this opportunity to brief you on the current investment environment in China, policies concerning foreign investment and the opportunities for Italian enterprises. I hope my briefing will be helpful to the enhanced understanding of China by the Italian business circle and the promotion of bilateral economic and trade relations.
I. General situation of China’s investment absorption since its reform and opening up
FDI attraction is the starting move of China’s reform and opening up. Since the promulgation of Law on Sino-Foreign Equity Joint Ventures in 1979 and the first approval of foreign investors to set up enterprises in China in 1980, with the constant improvement of China’s investment environment and the continuous perfection of foreign-related economic laws, China has achieved rapid development in FDI absorption and has gradually become a hot spot for international investment.
As of the end of June 1999, China has all together approved 332,700 foreign-funded enterprises with s total commitment of USD 591.89 billion of which USD 285.68 billion has already been realized. At present, over 180 countries and regions have investment in China, nearly 170,000 enterprises have started operation. In these enterprises, there are more than 18 million employees, which accounts for 11% of China’s non-agricultural labor. From 1993 to 1998, China has been the largest FDI recipient among developing countries. 1993 through 1997, China’s absorption of FDI has been listed the second globally, next only to the United States. And that for 1998 ranked the third in the world following US and UK. The amount of paid-in foreign investment to China for 1997 and 1998 have both exceeded USD 45 billion. Despite the slight decline in foreign investment this year, the scale will still be maintained with an expected realized value of nearly USD 40 billion.
The industrial structure for China’s FDI attraction has been steadily improved over the past two decades since the reform and opening up. Of the newly approved foreign investment contracts in 1998, the primary industry took up 2.3%, the secondary industry 64.6%, and the tertiary industry 33.1%, among which real property projects accounted for 7.9%. 1% Of the brought-in capital went to the primary industry, 65% the secondary, and 34% were occupied by the tertiary industry. This year capital- and technology-intensive projects with foreign investment have increase sharply, together with the growth of projects encouraged by the country and decrease of those restricted. Basic industry and infrastructure projects have become priorities of foreign investment. Due to rising investment in large-scale projects and the ever expanding average investment magnitude for single project, the average investment for individual newly-approved project in 1998 run as high as over USD 2.6 million. The strengthened guidance for FDI industries has effectively reduced low-level duplicated construction.
There are mainly three forms for FDI in China, namely Sino-foreign joint ventures, Sino-foreign cooperatives and wholly foreign owned enterprises. Up to the end of 1998, Sino-foreign joint ventures and Sino-foreign cooperatives accounted for 73.2%, 68% and 69.4% of foreign-funded enterprises, contractual capital value and realized value respectively. In recent years the number of solely foreign funded enterprises has picked up and in 1998, these newly approved enterprises took up 48.9%, 41.8% and 36% respectively of the total investment absorbed by China that year.
Asia, US, EU and some free ports are China’s main sources of FDI. As of the end of 1998, the top 15 countries and regions of investment in China in terms of paid-in capital are as follows, Hong Kong, Japan, US, Taiwan, Singapore, Republic of Korea, Virgin Islands, UK, Germany, Macao, France, Malaysia, Canada, the Netherlands and Thailand.
Investments from transnational corporations are also on the rise. At present nearly 400 multinational corporations out of world’s top 500 have investment in China, among them are Motorola, Siemens, Bell, Lucent, Mitsubishi Heavy Industries, Itochu, Walmart, Philips, Boeing, Nestle, HP, Unilever, GE, Shell, Nokia, Ericsson, Samsung, Panisonic, Daewoo etc.
The top 20 foreign funded enterprises in China for 1998 according to annual sales are, Shanghai Volkswagen Automotive Company Ltd, Motorola (China) Electronics Limited, Hua Neng Power International, Inc, Seagate Technology (Shenzhen) Co. Ltd, Yangtze Optical Fiber and Cable Company Ltd, Konka Group Co. Ltd, Guangdong Nuclear Power Joint Ventures Co. Ltd, Shanghai Bell Telephone Equipment Mfg Co. Ltd, FAW-Volkswagen Automotive Company Ltd, P&G (Guangzhou) Co. Ltd, Seagate Technology International Wuxi Co. Ltd, West Pacific Petro chemical Co. Ltd. Dalian, Shanghai Tyre and Rubber Co. Ltd, China International Marine Containers (Group) Ltd, Beijing Jeep Corporation, Ltd, Shenzhen Sanyohuaqiang Energy Co. Ltd, Beijing Nokia Mobile Telecommunications Co. Ltd, Jiangsu Isuzu Automobile, Shanghai Mitsubishi Elevator Co. Ltd and Nantong Ocean Ship Engineering Co. Ltd.
II. Investment Environment in China and preferential policies for FDI
China has been committed to the cultivation of a favorable investment environment since the reform and opening up and in accordance with the specifics of China’s social and economic development , provided foreign investors with a serious of preferential policies.
I). Chinese government has unceasingly adopted measures to expand the scope for FDI. Recently Chinese government decided to eliminate or further relax restrictions on foreign investment in the following areas:
Geographic restrictions on FDI in financial sectors will be abolished, foreign financial institutions may apply to set up branches in any provinces and municipalities all over China;
Open areas for insurance will be expanded from the current Shanghai and Guangzhou to Shenzhen, Chongqing, Dalian, Tianjin and other key cities and foreign trade centers;
Areas for pilot enterprises of foreign funded retail business will be extended to provincial capital cities, municipalities directly under the central government and special economic zones. At the same time, pilot wholesale business with foreign investment will begin in Beijing, Tianjin, Shanghai, Chongqing and other places;
The business scope for investment companies set up by transnational corporations will be enlarged;
The scope and number of foreign funded import and export enterprises pilots will be increased;
The pilot intermediary services such as foreign funded accounting firms, assessing institutions, surveillance companies and law consulting firms will be expanded;
The number of air transportation companies with foreign capital will be further increased;
Qualified domestic companies and powerful international companies will be supported in establishment of engineering corporations, they are also encouraged to undertake large-scale projects at home and abroad;
Telecommunication market will continue to be opened step by step.
To date, apart from wild animal and plant resources protected by the country, electricity network construction and operation, selection and processing of radioactive minerals, press and a few other industries where foreign investment are prohibited, FDI are allowed and encouraged in most industries.
Chinese government offers a serious of preferential policies on income tax to foreign investment including the follows:
The business income tax has come down from 33% to 15% applicable to entities in special economic zones, new and hi-tech industrial zones and economic and technological development zones, and in coastal open areas, provincial capital cities as well as other open cities, the income tax is 24% instead of 33%. As to manufacturing enterprises with foreign investment with a term of more than 10 years, the business income tax will be exempted in the first two profit-making years and reduced by half in the ensuing three years. Other tax incentives have been granted by the Chinese government to export-oriented enterprises and projects requiring a longer investment recovery cycles as well.
III). The Chinese government encourages foreign investment into high-tech industries and technology transfers to Chinese enterprises.
When a foreign investor invests in a research and development (R&D) center or in technical renovation of an export-oriented enterprise, the equipment imported by such center or enterprise for its own use and the supporting technology, parts and components thereof will be exempted from import duties and import-stage taxes;
When a foreign investor transfers technology to China and when such technology is advanced in nature or the term of such transfer is favorable, its corporate income tax and business tax will be exempted;
The proceeds from technology transfer by a foreign invested enterprise will be exempted from business tax.
IV). The Chinese government encourages foreign invested enterprises to expand export and applies a tax refund policy to export products, an internationally prevailing practice. When a foreign invested enterprise procures domestically manufactured equipment and when the value of such purchase is within the total amount of investment, the full amount of value-added tax on such domestic equipment will be refunded and regarded as a creditable amount in business income tax.
V). According to provisions of the Chinese government, there is no equity ceiling on foreign investment in most areas, whereas wholly foreign owned enterprises or controlling foreign equity is not allowed in the manufacturing of receiving equipment for satellite navigation and positioning systems and their key parts and components etc, which have national security implications, construction and operation of metro and light-rail and other public utilities, or exploration of a few ferrous metals including copper, lead and zinc.
VI). According to Chinese law, parties to a contractual joint venture may decide on the term of the venture through consultation based on specific circumstances in different sectors and projects. In general, the term of a contractual joint venture may range from 10 years to 30 years. The term may exceed 30 years for projects involving large investment, long construction period and low returns. The joint venture may apply for extension when the joint venture contract expires.
VII). The Chinese government encourages foreign invested enterprises to export their products or substitute imports with domestic products and has introduced preferential policies. Wholly foreign owned enterprises in sectors other than new and hi-tech industries are required to export all or most of their products, while partners to other foreign invested enterprises could determine export ratios in their joint venture contracts.
VIII). As provided by the Chinese law, foreign investors may freely remit abroad their profits originated from the investment enterprises after fulfilling taxation obligations.
IX). The Chinese government may provide financial support to foreign invested enterprises. The Chinese government permit the following activities: Chinese commercial banks may accept guarantee provided by foreign shareholders; foreign invested enterprises may apply to designated Chinese banks dealing in foreign exchange business within the territory of China for Renminbi loans using foreign exchange collateral securities; special industrial investment fund may be set up to buffer insufficient equity capital from the Chinese side when increasing investment in an invested enterprise; Chinese commercial banks may issue equity loans to Chinese shareholders meeting clearly-defined conditions.
III. Existing Italian Investment in China and Further Investment Opportunities
Italian investors are among the latecomers to the Chinese market. Before 1991, there were very few investment projects by Italy in China. However, as the Chinese economy grows, the interest of Italian businessmen in the Chinese markets has grown stronger. Thanks to support from both the Chinese and Italian governments, there has been a remarkable increase in Italian investment in recent years. By the end of 1998, Italy had 1,254 investment projects in China, involving a total contractual value of US$2.14 billion. US$1.43 billion was already put in the Chinese market. As a result, Italy had become the 5th biggest investor in China within the EU, following United Kingdom, Germany, France and the Netherlands. From January to September this year, Italy invested in another 78 projects worth US$140 million in contract value, and actually put US$270 million in the Chinese market, both recording increases over the comparable period of last year. Italian investment is mostly located along the east coast in such sectors as automobiles, garments, textiles, footwear, leather, jewelry, machinery and electronic products, instruments, aviation and leasing. Several famous Italian company groups like Fiat, Montedifon and ENI already have significant investment in China. However, when compared with other developed nations, the number of large Sino-Italian projects is small and therefore, great potentials are to be tapped.
From what we have achieved, we can see the broad prospects for Sino-Italian cooperation and the very favorable investment opportunities which Italian enterprises now enjoy.
I). After 20 years of reform and opening, China's east coastal areas have achieved great economic development: the transportation, telecommunications, energy and other infrastructure are improving, and significant industrial processing capacity and technology development capabilities have been built up. I hope Italian enterprises will play out their technological advantages and establish capital and technology intensive enterprises in these areas. They are also welcome to set up labor-intensive enterprises to take advantage of China's rich labor resources.
II). The vast central and western part of China is endowed with rich abundant resources. China is implementing a strategy aimed at developing its central and western area. The central government will give priority to infrastructure development in that area, increase financial support and intensify assistance in such areas as technical renovation, asset reorganization, structural adjustment and state-owned enterprise reform. The central and western area is intensifying cooperation with overseas investors in order to further develop industries with comparative advantage (labor-intensive and resource-based industries) and enterprises with advanced technology, and is optimizing and upgrading its industrial structure. Italian enterprises could participate in the economic development of the central and western part of China through joint ventures, cooperatives, technology transfer, combined development and other ways.
III).Reform of state-owned enterprises is at an important stage. The Chinese government encourages and supports state-owned enterprises to attract more foreign investment through various means, introduce foreign capital, advanced technology and management expertise by forming equity and contractual joint ventures, so as to reinvigorate state asset stocks. Based on accurate asset evaluation, state-owned enterprises may partly transfer property rights to foreign investors. Foreign investors, on the other hand, are encouraged to participate in the reorganization and renovation of state-owned enterprises, promote the transformation of business operation systems and improve the quality of state-owned economy in general. At the same time, foreign investors and foreign invested enterprises are encouraged to transfer technology to promote technical progress of state-owned enterprises.
IV). Maintaining the dominance of public ownership and allowing common development of entities of multiple ownership will be a basic economic system China will adhere to in a considerable historical period. Since the reform and opening, amid continuous development of state-owned economy, other non-public ownership, such as collective ownership and private ownership, has also been playing an increasingly important role. It is the development of collective ownership and other non-public ownership that has provided foreign investors new opportunities to enter the Chinese market.
IV. Outlook of the Development of Sino-Italian Friendly Ties and Bilateral Relations
The friendship between Chinese and Italian people has a long history. Back in the 13th century, the famous Italian merchant and traveler Marco Polo came to China and left an unforgettable legacy in the history of Sino-Italian relations. Italy is among the first group of European countries establishing diplomatic relations with China after the founding of new China, and since then, bilateral cooperation in political, economic and trade areas has been progressing very smoothly. Our two countries have signed a series of inter-governmental agreements aimed at promoting bilateral economic and trade interactions. Agreement on Avoiding Double Taxation, Agreement on Encouragement and Mutual Protection of Investment, Economic Cooperation Agreement, just to mention a few. In 1998, China and Italy realized a total bilateral trade of US$4.85 billion, including US$2.57 billion of Chinese exports to and US$2.28 billion of Chinese imports from Italy. Today, Italy is China's 5th largest trading partner in the EU.
China is the biggest developing country in the world and Italy is an important developed country in the world. The differences in our respective resource composition, industrial structure and consumption levels testify the strong complementarity between our two economies. There are favorable conditions and broad prospects for further trade and economic cooperation between us. As the mankind moves into the 21st century, the economic and trade relations between China and Italy also face new opportunities. I hope people from the Chinese and Italian business communities will strengthen cooperation and make greater efforts to bring our bilateral economic and trade relationship to a new height. I'm looking forward to seeing more Italian business people in China, undertaking feasibility studies, investing in factories and conducting trade. I hope we will join our hands and work together. I firmly believe we can bring the dynamic and growing Sino-Italian economic and trade relations into the 21st century.
Thank you.
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