Support pledged for global firms
China remains committed to opening the door wider for foreign businesses, premier says
Premier Li Keqiang has pledged to extend stronger support to foreign businesses in China to solve disruptions in their operations caused by COVID-19 outbreaks, saying that the nation remains committed to making itself a top destination for foreign investment.
In a symposium held on May 19 in Beijing to mark the 70th anniversary of the China Council for the Promotion of International Trade, Li said the government will come up with solutions to the problems faced by foreign businesses and provide them with better services as the pandemic continues to disrupt industrial, supply and logistics chains.
Businesses cannot afford delays in their production and operations, he said, adding that the government has already adopted measures to help manufacturers resume production to full capacity and put employees back to work.
China will remain steadfast in opening itself wider to the world no matter how the international landscape changes, and the nation will only become more open, Li said.
He reiterated the government’s commitment to further reforms to streamline administrative procedures and bolster compliance oversight and services, saying that the goal is to develop a business environment in line with market principles, the rule of law and international standards.
The nation will further widen market access, ensure equal access for foreign businesses in sectors already opened up and adopt strict measures to protect intellectual property rights, the premier said.
China’s actual use of foreign capital surged 20.5 percent on a yearly basis to 478.61 billion yuan ($71.75 billion) in the first four months, according to the Ministry of Commerce.
The actual use of foreign investment in the services sector reached 351.94 billion yuan over the same period, up 12.5 percent year-on-year, while the growth rates for actual use of foreign investment in high-tech manufacturing and high-tech services reached 36.7 percent and 48.3 percent, respectively.
Li said the goal of China’s modernization is to enable its 1.4 billion people to live better lives and further reform and opening-up.
China, as the world’s largest developing country, a major economy and a trading giant, still requires the expansion of imports to develop advanced manufacturing and modern service sectors, he said, adding that the nation must borrow more experience and knowledge from overseas.
With the huge capacity of the Chinese market, Li said there is still immense potential for various kinds of investments, and that the nation stands ready to bolster exchanges and cooperation with businesses from different countries to attain win-win cooperation.
The premier reaffirmed China’s readiness to work with different nations to jointly uphold a rule-based multilateral trading system with the World Trade Organization at its core, championing free and fair trade and promoting trade and investment liberalization and facilitation.
He highlighted the need to ensure unimpeded global industrial and supply chains to enable improvements in public well-being and more wealth creation.
The symposium brought together representatives from organizations including the US-China Business Council, the 48 Group Club and the Japanese Chamber of Commerce and Industry in China. They expressed confidence in prospects for the Chinese economy and a willingness to continue deepening exchanges and cooperation in various sectors.