Chelsea_SunChelsea_Sun ・ Mar. 25, 2024
China Pledges to Remove Obstacles for Overseas Companies: Premier Li Qiang
"We warmly welcome companies from all nations to invest in China and broaden their presence here," Li said at the two-day CDF that kicked off on Sunday in Beijing.

(TMTPOST)—China is prepared to move towards expanding market access for foreign investment and firms, said Chinese Premier Li Qiang while addressing a gathering of global CEOs and Chinese policymakers at the China Development Forum (CDF) on Sunday.

"We warmly welcome companies from all nations to invest in China and broaden their presence here," Li said at the two-day CDF that kicked off on Sunday in Beijing.

Additionally, China is proactively nurturing emerging sectors such as biological manufacturing while intensifying efforts in the development of artificial intelligence and the data economy, Li noted at CDF in Beijing.

"China is now working to build a modernized industrial system with advanced manufacturing as its backbone, which is also an opportunity for the world," Li said.

Beijing has recently relaxed some foreign investment regulations, following a nearly 20% decline in investment inflows during the January-February period. Give the full name, the cyberspace regulator, also eased certain security measures on data exports that had been a concern for foreign enterprises in China.

Highlighting the country's economic stability, Li noted that China maintains relatively low inflation and central government debt levels, providing leeway for further macroeconomic policies. He underscored the effectiveness of measures implemented last year to mitigate property and debt risks.

"The fundamentals sustaining China's long-term economic growth remain unchanged," he said.

He said central government fiscal measures this year, including the 1 trillion yuan (US$138.3 billion) ultra-long special treasury bonds, would "provide more opportunities for businesses" and that the authorities would continue to push for "a steady drop" in overall financing costs in the country.

As the world's second-largest economy, China faces various challenges including a property crisis, local government debt burdens, industrial overcapacity, deflationary pressures, and a cooling foreign investment environment.

The China Development Forum, held annually since 2000, serves as a platform for global CEOs and Chinese policymakers to deliberate on foreign investment strategies. Bigwig attendees include Apple CEO Tim Cook and Bridgewater Associates founder Ray Dalio.

During his speech, Li said the Chinese economy "got off to a good start" this year, citing "rapid" growth in industrial output, aggregate financing, industrial electricity consumption, cargo transport and travel.

China has rolled out a new action plan to counteract the slowdown in foreign investment, aiming to foster a fair playing field for foreign enterprises, remove barriers to overseas access in the expansive manufacturing sector, and facilitate growth in areas like telecommunications and healthcare.

"As for the actual situation on the ground, some of the difficulties and problems are not as grave as some may have imagined," he said, noting that "robust measures" introduced last year in relation to the real estate sector and local government debt had delivered "positive results."

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