Wider market a magnet for more firms

China's latest steps to spur domestic demand will draw more foreign companies to increase investment in the country, as the strength of its huge market offers renewed impetus for corporate growth and the broader global economic recovery, economists and business executives say.

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handbag at Tapestry's booth at the eighth China International Import Expo in Shanghai on Nov 6.

(PROVIDED TO CHINA DAILY)

China is no longer relying on preferential policies to attract foreign investment, but advancing deep, self-driven institutional reforms to build a rules-based and high-standard business environment, the former vice-minister of commerce Wei Jianguo said.

This shift from flow-based openness to institutional openness reflects China’s move from a “global factory” to a “global market", Wei said.