China tries to resuscitate its slowing economy
BEIJING would “substantially cut” restrictions on market access for foreign investment, Chinese President Xi Jinping said yesterday, as the country worked to reinvigorate its slowing economy.
His remarks, made at a meeting of the Asia Pacific Economic Co-operation (Apec) in Manila, come as China faces criticism from foreign companies over obstacles to market access and what critics see as Beijing’s unwillingness to sufficiently protect multinationals’ intellectual property.
“We will step up reforms of the foreign investors management system, substantially cut restrictions on market access for foreign investment, improve IPR protection, and foster an open, transparent, fair and highly efficient market environment,” Xi said.
“Here I would like to reiterate that China’s policy on welcoming foreign investment will not change, nor will its protection of the legitimate rights and interests of foreign invested companies, or its commitment to provide better services for them,” he added.
“China’s door to the outside world will forever stay open.”
Jinping acknowledged downside risks to growth while assuring fellow leaders that Asia’s biggest economy is resilient and will remain on the path of reform.
China was working to overcome the challenges of slowing global growth this year by advancing reforms and would not change its policy on foreign investment, Xi added.
“In general, China’s positive economic fundamentals and long-term trajectory remain unchanged. On the other hand, China’s economy is still coping with the complicated internal and external environment, considerable downward pressure and the temporary pain of deep reforms.”
China is on pace for the slowest expansion in 25 years, a worry for Asia’s smaller economies which have become increasingly reliant on it for export demand. Leaders are stepping up fiscal stimulus after six interest rate cuts in the past year failed to spur a revival in growth.
Industrial output in China last month matched the weakest gain since the global credit crisis, while fixed-asset investment so far this year has increased at the slowest pace since 2000. Xi also touted China’s efforts to take a leadership role in the development and integration of Asia.