Chen: China still welcomes foreign investment

Commerce Minister Chen Deming said Sunday that China is still open to foreign investment after the government rejected Coca-Cola’s US$2.4 billion bid for top Chinese juice maker Huiyuan, Reuters reported. Chen acknowledged that some had interpreted the decision as a rejection of foreign investment by Beijing, but said that this is a “big misunderstanding.” Chen claimed the failure of the Coke-Huiyuan deal had nothing to do with China’s foreign investment policy, as both companies are technically foreign firms. Huiyuan is listed in Hong Kong and registered in the Cayman Islands. Chen reiterated Beijing’s position that the acquisition would have damaged competition and consumer choice.