BEIJING, March 28 (Xinhua) — Chinese President Xi Jinping met with more than 40 representatives of the international business community in Beijing on Friday.
A key message Xi sent is that China has been and will remain an ideal, secure, and promising destination for foreign investors, and that investing in China is investing in the future.
The following are some key takeaways from this meeting.
WHO ARE THE FOREIGN BUSINESS LEADERS?
More than 40 global chairmen and chief executive officers of foreign businesses as well as representatives of business councils attended the meeting.
President of FedEx Corporation Raj Subramaniam, Chairman of the Board of Management of Mercedes-Benz Group AG Ola Källenius, Chief Executive Officer of Sanofi SA Paul Hudson, Group Chief Executive of HSBC Holdings Plc Georges Elhedery, Executive Chairman of Hitachi Ltd. Toshiaki Higashihara, President of SK Hynix Inc. Kwak Noh-jung, and President of Saudi Aramco Amin Nasser spoke at the meeting.
WHAT ARE XI’S REMARKS ON FOREIGN BUSINESSES’ ROLE?
Xi noted the twin miracles of rapid economic growth and enduring social stability that China has created over the past seven decades since the founding of the People’s Republic of China, especially over the past four decades of reform and opening up.
He attributed the miracles to the strong leadership of the Communist Party of China (CPC) as well as the unity and hard work of the Chinese people, and also to the support and help from the international community, including the contribution of foreign businesses operating in China.
“Thanks to reform and opening up, and importantly to actively leveraging foreign capital, China was able to rapidly enter the global market and catch up with the times in great strides,” Xi said.
Foreign businesses and investment in China have driven economic growth and employment, boosted technological and managerial progress, and facilitated reform and opening up, he said.
“All of this shows that foreign businesses are important participants in the Chinese modernization drive, in the country’s reform and opening up and innovation, and in its interconnectivity with the world and integration into economic globalization,” Xi said.
In this process, foreign businesses have thrived and generally enjoyed handsome returns, achieved win-win results, and forged profound friendship with the Chinese people, Xi added.
WHY INVESTING IN CHINA IS INVESTING IN THE FUTURE?
Xi pointed out that the country, which is on a Chinese path to modernization in all respects, has been a major contributor to and anchor of stability for global growth for many years.
Committed to the fundamental national policy of opening up to the world, China is advancing high-standard opening up and taking solid steps to expand institutional opening up, such as that of rules, regulations, management, and standards, Xi said.
“China’s door will only open wider. The policy of welcoming foreign investment has not changed and will not change,” said the president.
Having the world’s second largest consumer market and largest middle-income group, China offers great potential for investment and consumption, Xi noted.
With a commitment to high-quality development, China is accelerating green, digital and smart transformation, which, coupled with the country’s sophisticated industrial ecosystem, provides the best testing ground for the latest outcomes of technological revolution and industrial upgrading, he said.
Xi said China has developed sound regulations, policies and procedures for foreign investment, promoted trade and investment liberalization and facilitation, and made active efforts to foster a first-class business environment that is market-oriented, law-based and internationalized.
China enjoys long-standing political and social stability, and is widely recognized as one of the safest countries in the world, he added.
Xi said all this shows that China offers a vast stage for business development, vast market prospects, stable policy outlook, and a secure environment, making it a favored choice for foreign investment and business operations.
“China has been and will remain an ideal, secure, and promising destination for foreign investors. Embracing China is embracing opportunities, believing in China is believing in a better tomorrow, and investing in China is investing in the future,” he said.
WHAT WILL CHINA DO FOR FOREIGN BUSINESSES?
Xi emphasized that the third plenum of the 20th CPC Central Committee made a road map and timetable for further reforming the regulatory framework for inbound and outbound investment.
China will open up wider by focusing on lowering the threshold of market access, ensure equal national treatment for foreign businesses and uphold fair market competition, Xi said.
China will strengthen communication with foreign businesses, provide as much convenience as possible for them to trade and invest in China, and protect the legitimate rights and interests of foreign businesses in accordance with law, Xi said.
At the same time, China will unswervingly pursue a path of peaceful development and strive to create an enabling environment for foreign businesses, he said.
WHAT IS FOREIGN BUSINESSES’ ROLE IN GLOBALIZATION?
Xi pointed out that multilateralism is the only choice for addressing global challenges, and economic globalization is an unstoppable trend of history.
China upholds true multilateralism, promotes universally beneficial and inclusive economic globalization, actively participates in global economic governance, and is committed to building an open world economy, Xi said.
“Foreign businesses, especially multinational companies, play an important role and bear significant responsibility for maintaining the global economic order,” Xi said.
They are expected to safeguard the multilateral trading system, maintain the stability of global industrial and supply chains, protect the international environment for openness and cooperation, and advance economic globalization in the right direction, according to Xi.
WHAT DID FOREIGN BUSINESS LEADERS SAY?
The foreign business representatives commended China for achieving steady economic growth through deep, comprehensive reform and high-standard opening up under the leadership of President Xi.
From “Made in China” to “new quality productive forces,” China has empowered industrial transformation and upgrading through innovation, and is set to realize higher-quality and more sustainable development. The outlook of the Chinese economy is strong, they said.
Amidst growing protectionism, China has continuously expanded opening up, injecting stability into the global economy, and has become an oasis of certainty and a hot spot for investment and entrepreneurship, they said.
They said China’s development is the core driving force of the global economy, and offers exciting, vast opportunities and growth potential.
They applauded the Chinese government’s efforts to create a fair and enabling environment for foreign businesses and expressed readiness to expand investment cooperation with China, cultivate the China market, actively participate in Chinese modernization, and build bridges for China’s exchanges and cooperation with the world.
They also expressed readiness to support an open global market, uphold international free trade, and contribute to the development of the world economy. ■
Becki Michaud
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