The committee was set up against the background that China's entry into the World Trade Organization (WTO). Sources from the committee said it would help its members better tap the potential of both domestic and overseas markets and make better use of the domestic and overseas resources to further promote the country's drive to open at various levels in even more sectors.

The first batch of the committee members includes 51 foreign companies, organizations and financial institutions, many of which are on the Fortune 500 list.

They include ABB, BP, DaimlerChrysler, Ericsson, GM, Exxon, HP, IBM, Intel, Matsushita Electric, Mitsubishi, JP Morgan Chase & Co, Samsung, Shell and Siemens.

Cheng Siwei, vice-chairman of the Standing Committee of the National People's Congress, said in his congratulatory letter to the committee that the coming five to 10 years will be an important period for China's economic and social development and also an important period for the country's strategic readjustment of its economic structures.

He said he hopes multinationals will use the opportunity to bring their first-class products, technology, management expertise and especially top talent to China to succeed in the Chinese market.

Chen Jinhua, vice-chairman of the National Committee of the Chinese People's Political Consultant Conference, said in his congratulatory letter that, after China joins the WTO, its economy will be involved with the world economy at a greater degree and an even faster pace. He said this creates even brighter prospects for foreign investment in China.

According to the new committee, its major functions are to guide foreign investment in accordance with State policies and organize its members to discuss the key issues relating to their investment and make suggestions to the relevant government departments.

(China Daily December 4, 2001)