China welcomes foreign investment in the road transportation industry, an official said at the third Euro-Asian Road Transport Conference on Monday.

Various policies, including solo ownership and joint capital and cooperation were made to encourage foreign investors to invest in China's road transport industry," said Zhang Jianfei with China's Ministry of Communications.

According to the commitments China made to the World Trade Organization (WTO), WTO members are allowed to invest in the transportation business in China by means of solo ownership, he said.

Foreign investment is allowed to be input in infrastructure, especially those in rural areas, to boost rural passenger transport network and cargo transport developments, he said.

Foreign-funded transportation companies enjoy national treatment in China, Zhang said.

Since China adopted its policy of opening to the outside world in 1979, its road transportation industry has absorbed approximately 5 billion US dollars of foreign investment.

By the end of 2004, China has signed 10 bilateral motor transport treaties and three multilateral intergovernmental treaties with countries like Russia, Mongolia, Tajikistan, Pakistan, Laos, Vietnam, and Nepal, and set up 60 international road ports.

Source: Xinhua