BEIJING: As global markets grapple with rising uncertainties caused by surging protectionism, China has delivered its strong commitment to serving as a stabilizing force in an increasingly fractured world economy through expanding opening-up and creating a secure and predictable business environment, foreign business executives said.
From the China Development Forum in Beijing to the Boao Forum for Asia Annual Conference in Boao, Hainan province, hundreds of foreign multinational executives who came to China for the events last week were struck by a clear message that China remains committed to advocating a more open, inclusive global economy and engaging with the world for common prosperity. Their confidence was further boosted by President Xi Jinping’s remarks on Friday when he met in Beijing with more than 40 multinational business executives from around the world.
“China’s door will only open wider. The policy of welcoming foreign investment remains unchanged and will not change,” Xi said. “China has been and will remain an ideal, secure and promising destination for foreign investors,” he said. “Embracing China is embracing opportunities, believing in China is believing in a better tomorrow, and investing in China is investing in the future.”
The commitment came in the wake of China’s two sessions — the annual meetings of the National People’s Congress, China’s top legislature, and the National Committee of the Chinese People’s Political Consultative Conference, China’s top political advisory body — during which policymakers set the country’s GDP growth target for the year at around 5 percent despite the challenges ahead.
Stabilizing foreign trade and investment is among the policy priorities rolled out at the two sessions, as foreign businesses are viewed in China as important participants in the Chinese modernization drive, in the country’s reform and opening-up as well as innovation, and in its interconnectivity with the world and integration into economic globalization.
In February, the National Development and Reform Commission and the Ministry of Commerce jointly issued the 2025 Action Plan for Stabilizing Foreign Investment, proposing 20 new measures to expand opening-up and boost foreign investment. Christian Hartel, president and CEO of Wacker Chemie, who was present at the meeting with Xi on Friday, said the meeting sent a very strong and positive signal that the Chinese government is interested in the view of multinational companies on further developing in China.
“China is a very attractive market with a lot of opportunities today, in the past, but also in the future. And that’s why we’re here,” Hartel said.
Having the world’s second-largest consumer market and largest middle-income group, China offers great potential for investment and consumption. It is also striving to accelerate 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 evolution and industrial upgrading.
However, since the new presidential administration of the United States took office in January, it has announced a growing list of tariffs on specific countries and commodities — a move that is aimed at protecting US interests and is also fueling the prospect of world economic recession. –The Daily Mail-China Daily news exchange item
