China will channel more foreign investment into developing its western region while being more selective about what money it accepts, officials and experts said.
"In the next phase of developing the western region, the government will choose appropriate foreign investment rather than welcoming just any investment, as the eastern region did three decades ago," Fan Hengshan, head of the National Development and Reform Commission's department of regional economy, said during the 13th Western China International Fair, which is being held this week in Chengdu.
"The situation is different now and China has much higher capital reserves than before.
"Yet, the western region is the most underdeveloped in the country and thus will remain a top priority in work to bring balance to regional development."
Some of the strongest interest in the region is being shown by South Korean companies.
A manager from the Chengdu branch of Korea Development Bank said that local governments in the western region are now being more selective about which Korean investments they accept while investment opportunities in the coastal areas are becoming ever scarcer.
"As it works to boost western regional economies, the government will put a priority on places such as Chengdu, Chongqing and Beibu Bay in the Guangxi Zhuang autonomous region. Meanwhile, the least-developed areas will receive the greatest amount of assistance," Fan said.
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