LI: CHINA TO ‘FURTHER OPEN UP’
Premier pledges to make country more attractive to foreign investors
PREMIER Li Keqiang vowed yesterday to further open up China’s economy during a meeting with chief executive officers (CEOs) of top global companies amid simmering trade tensions with the United States.
Washington and other trade partners have long complained about the uneven playing field foreign companies encounter in China, theft of intellectual property and entry barriers that allow state-backed companies to dominate crucial sectors of the economy.
During the meeting here with heads of 19 multinational companies, Li pledged to make China more attractive to foreign investors.
“We welcome more and more foreign investment to come to China,” he told the group representing
the Global CEO Council.
“We will also relax restrictions on access to even more fields to create a market-oriented, lawbased internationalised business environment.”
Among the industry leaders attending the meeting at Beijing’s opulent Great Hall of the People were Volkswagen (VW) head Herbert Diess, Pfizer CEO Albert Bourla, Daimler’s Ola Kallenius, UPS chief executive David Abney, Honeywell CEO Darius Adamczyk and Nokia’s Rajeev Suri.
Jean-Pascal Tricoire, head of Schneider Electric, told Li that foreign firms are the “best bridges” between China and the rest of the world.
“Since sometime though, the world has been going through turbulences, tensions and challenges,” said Tricoire.
The meeting comes as bruising US tariffs threaten China’s status as the “factory of the world”, with companies looking to move production outside the country, according to a recent survey by the American Chamber of Commerce in China.
The Chinese government also convened top tech companies and warned them of consequences if they cut off technology sales to the country, the New York Times reported earlier this month.
Meanwhile, Dell Technologies Inc, HP Inc, Intel Corp and Microsoft Corp are joining forces to oppose President Donald Trump’s proposed tariffs on laptop computers and tablets among US$300 billion (RM1.24 trillion) in Chinese goods targeted for duties.
The companies submitted joint comments opposing the tariff escalation, saying it would hurt consumer products and industry, while failing to address China’s trade practices.
The tariffs are poised to hit during the peak holiday and back-toschool sales period, they said.
“The tariffs will harm US technology leaders, hindering their ability to innovate and compete in a global marketplace,” said the companies.
Dell, HP, and Microsoft said they account for about half of the notebooks and detachable tablets sold in the US Prices for laptops and tablets will increase by at least 19 per cent, about US$120 for the average retail price of a laptop if the proposed tariffs are implemented, said a study released this week by the Consumer Technology Association.
The Trump administration is considering public comments on the proposed duties and hearing testimony from more than 300 US companies and trade groups through June 25. The tariffs could be imposed after a rebuttal period ends July 2.