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Q: In the past few years, the Chinese Government has adopted a series of macro-control measures to control overheated investment in some industries. Why did China adopt these measures? Will the measures have a negative impact on foreign investment?

A: Every country exercises macro-economic control. Since 2003, China has adopted some macro-control measures to cool down overheated investment in iron and steel, aluminum and cement industries. It is because those industries consume much energy and create a great deal of pollution. Furthermore, production capacity of these industries had far exceeded demand. The completion of the new projects, most of which are low-level and redundant, will further aggravate the situation. Without proper macro-economic control, these projects will bring negative impact to China's economy.

It should be pointed out that a more important purpose of the macro-control is to minimize the risks of the banking system. Foreign-invested companies are not the major targets of this macro-control. So in general foreign-invested companies may not be greatly affected.

In a long-term viewpoint, the adoption of the macro control measures is beneficial to the development of foreign-invested companies. If the Chinese economy becomes overheated, foreign investment will face more risks. Macro control will reduce the risks brought about by an overheated economy, and make the market more reasonable. For foreign companies with a desire to enter China, the macro control will not affect their investment interests. On the contrary, it creates a safer environment for the long-term strategy of foreign businesses. For instance, in this round of macro-control, China has enhanced control in real estate, strictly standardized the property market, and strengthened control on the bank loans in order to draw out incapable middle- and small-sized real estate enterprises. Hence, foreign-invested companies could take this opportunity and enter the Chinese real estate market quickly with their advantage in funds. The iron and steel industry is more overheated than the real estate sector. The government's restriction on investment in the iron and steel industry is aimed at middle- and low-level steel plate plants. The quality products of foreign-invested plants are in great demand in the country. Such demand will drive foreign investment to enter China's iron and steel industry under macro control.

As the Chinese macro-control policy has either restricted or protected foreign capital, foreign businessmen have also adopted flexible corresponding measures, which can be seen in their adjustment of their direct investment structure. In 2004, foreign investment in high-tech fields increased substantially. That in the manufacturing of electronic parts and components, specific and general devices, as well as in software and computer services also registered comprehensive increase. The fact that more and more foreign businesses have invested in research and development centers and established their regional headquarters in China proves that China's macro-control policies has not brought much negative impact on foreign investment.