US businesses are a ‘quintessential’ part of China’s development, senior economic official tells American executives
- Gao Jian, a deputy director at the National Development and Reform Commission, told US company executives that Beijing is determined to broaden access for foreign businesses
- The olive branch came after Xiaomi and the US government agreed on Wednesday to remove the company from a blacklist barring US investment in nine Chinese technology giants
“Enshrined by the principles of openness, cooperation, solidarity and mutual benefit, China is unswervingly opening up the market broadly, to make it a market that can be shared with businesses from all around the world,” he told a business roundtable attended by executives from US firms operating in mainland China.
The NDRC’s olive branch came after smartphone maker Xiaomi and the US government reached an agreement on Wednesday to remove the company from a blacklist compiled by the Trump administration that bars US investment in nine Chinese technology giants.
China’s foreign ministry spokeswoman Hua Chunying said at a regular press briefing on Wednesday that Beijing hopes the US will rectify the mistakes of the previous administration and provide a fair and non-discriminatory business environment for Chinese companies.
Tensions between the world’s two economic powerhouses began in 2018 amid festering trade rows, which then evolved into a technology war as Donald Trump moved to cut off Chinese access to American components and networks.