China will continue to welcome U.S.-funded firms to develop in the country, Chinese commerce minister Wang Wentao said on Monday, after Beijing barred U.S. firm Micron from selling memory chips to key domestic industries.

"China's economy is recovering and improving, and the market potential continues to be released, which will provide more development opportunities for enterprises from all over the world, including U.S. companies," Wang said at a seminar in Shanghai.

Participants of the seminar include the American Chamber of Commerce in Shanghai, Johnson & Johnson and Honeywell International. (Reporting by Beijing newsroom; Editing by Toby Chopra)