Chinese Premier Li Qiang told world executive leaders and policymakers that Beijing would closely study the issue of market access and cross-border data flows. He said China would also soon issue a number of new regulations in this field.
“We sincerely welcome companies from all countries to invest in China and deepen their presence in China,” Li said.
Li told participants at the China Development Forum in Beijing that China is also encouraging the development of emerging industries such as biological manufacturing, and will step up the development of artificial intelligence and the data economy.
Beijing on Tuesday eased some regulations on foreign investment, after investment inflows shrank nearly 20 percent in the January-February period. China's cyber regulator on Friday relaxed some security rules on data exports, worrying foreign companies in China.
Inflation and central government debt in China are relatively low, providing flexibility to take further macro policy steps, Li said at the two-day forum. He referred to measures taken by China last year to address property and debt risks, which he claimed were successful.
Li was referring to an earlier announcement of the issuance of special ultra-long-dated sovereign bonds worth 1 trillion yuan (equivalent to $140 billion), which he said would boost investment and keep economic growth steady.
Foreign companies are worried after China lifted its very strict COVID-19 restrictions at the end of 2022. They are worried about the condition of the business environment, economic recovery and the political situation.
China needs a new strategy to stem the decline in foreign investment by creating a fair environment for foreign companies. The measures include removing restrictions on foreign access in the country's vast manufacturing industry, as well as encouraging expansion in sectors such as telecommunications and health services. (ah/ft)