The German carmaker BMW AG announced on October 11 that it will spend 3.6 billion euros ($4.1 billion) to raise its stake in its Chinese joint venture in Shenyang from 50 percent to 75 percent, which disproves the assumption that China is fast losing its allure as the world’s top magnet for foreign investment, a China Daily editorial said.

Despite the anti-globalization trend – as represented by the trade disputes the United States has initiated with its major trading partners – the Chinese government has been standing pat in upholding the banner of free trade, and has reaffirmed its commitment by deepening reform and opening-up the country wider.

A new round of measures has been adopted to ease the restrictions on market access, lower tariffs, streamline customs clearance procedures and speed up delivery of major foreign-invested projects. BMW’s move shows that these measures are starting to bear fruit, and that the company sees the additional investment as a major step in its strategy to consolidate its foothold in the world’s largest car market.

Foreign direct investment in China grew 7.9 percent last year to reach an all-time high of $135 billion, the Ministry of Commerce said. That upward trend has continued throughout the first eight months of this year.

Like BMW, investors with vision and insight know that the long-term growth of the global economy will be coming from China, the editorial said.