At China Development Forum, foreign firms keep calling for action as Beijing makes more promises
- Come to China and set up R&D centres, minister of industry and information technology tells multinationals
- Beijing is trying to revive confidence in the Chinese economy as inbound investment slows amid geopolitical tensions
Against the backdrop of manufacturing overcapacity concerns, Beijing is reiterating that it wants foreign multinationals to come to China and set up research and development centres, and to partner up with domestic firms to manifest ideas and bring them to the market.
And while multinationals continued to renew their commitment to capitalising on China’s 1.4-billion-strong consumer market, their gripes highlighted the gulf that persists between Beijing and global investors.
We will provide service and safeguards for worldwide scientists, entrepreneurs and investors who come to China to innovate and start businesses
“We encourage foreign firm’s [Chinese] R&D centres to undertake major research projects,” Jin Zhuanglong, China’s minister of industry and information technology, said during the forum symposium on Monday.
“We will provide service and safeguards for worldwide scientists, entrepreneurs and investors who come to China to innovate and start businesses.”
The China Development Forum, which began in 2000, is typically one of the few venues where foreign business leaders may have a chance to interact with high-ranking Chinese officials after their annual “two sessions” parliamentary gathering where economic goals are laid out.
Beijing is looking to revive confidence in the Chinese economy at home and abroad as inbound investment slows amid geopolitical tensions.
During the opening session on Sunday, Premier Li Qiang said China would introduce more rules to bring down some of the barriers faced by foreign companies, including to market access, public tendering and cross-border data flows.
