China’s Vice Premier He Lifeng has assured global CEOs at the China Development Forum of continued openness to foreign investment. Premier Li Qiang emphasized global market engagement as essential, while recent actions aim to attract multinational enterprises amidst economic challenges. Dialogue persists with U.S. leaders amid trade tensions.

During the recent China Development Forum, Vice Premier He Lifeng assured international business leaders that China is committed to maintaining an open market and welcoming increased investment from multinational companies. The meeting included representatives from major firms such as Apple, Pfizer, and Mastercard. Vice Premier He emphasized, “China remains committed to expanding high-level opening-up of market, improving the business environment and welcoming more multinational companies to deepen their investment in China.”

The forum attracted prominent CEOs like Tim Cook of Apple and Cristiano Amon of Qualcomm, as well as U.S. Republican Senator Steve Daines. With China’s economy facing challenges like sluggish domestic consumption and a real estate downturn, the government is eager to bolster foreign investment. Chinese Premier Li Qiang highlighted the necessity for countries to embrace market openness amidst economic fragmentation, urging business leaders to advocate for globalization.

In response to these challenges, China’s State Council recently announced an action plan to attract foreign investment, which includes lifting specific restrictions in the manufacturing sector and streamlining the merger and acquisition process for foreign funds. Meanwhile, tensions persist due to U.S. tariffs imposed under President Donald Trump’s administration, aimed at addressing issues related to the illicit fentanyl trade.

During a group meeting, Premier Li conveyed to Senator Daines and U.S. business leaders that both nations could benefit from collaboration and that competition would only hinder prosperity. He stated, “No country can achieve development and prosperity through imposing tariffs.” Senator Daines, marking a rare visit of a U.S. politician to China since Trump assumed office, expressed a commitment from American executives to maintain business relations while highlighting ongoing challenges, including calls for China to take decisive action on fentanyl precursors.

Additionally, recent interactions between Chinese commerce ministry officials and executives from various foreign firms have confirmed ongoing dialogue aimed at improving business conditions and partnership opportunities.

In summary, China is reinforcing its commitment to an open market and foreign investment through pledges by Vice Premier He Lifeng and Premier Li Qiang. The government is addressing economic challenges by facilitating multinational enterprises and encouraging cooperation with the U.S. business sector. Despite existing trade tensions, the tone of diplomacy suggests a willingness to collaborate for common economic benefits, underscoring the importance of globalization and open markets in today’s economy.

Original Source: www.cnbc.com

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