China to throw huge public relations bash to woo global investors turned off by US trade war
- Beijing launches big global multinational forum in Qingdao in October to show the world that China remains open for business
- US firms such as Hewlett-Packard, Honeywell and Dow Chemical on initial guest list, with Shandong government saying 178 foreign companies have signed up
China plans to stage a big public relations event this autumn to send a message to multinationals that the country remains open to businesses, despite a deepening trade war with the United States.
China’s Ministry and Commerce and the Shandong provincial government announced the event on Wednesday, which will be held in Qingdao in October. It is the latest addition to a long list of government-sponsored events in China to woo trade and investment flows and attempt to present a friendly face to global businesses.
It comes at a time when China’s role as an ideal investment destination is coming under increasing scrutiny, while perceived shunning of China-dependent companies such as HSBC and Cathay Pacific have sent anxiety through the corporate world.
Qian Keming, China’s vice-commerce minister, said at a press conference on Wednesday that the event in Qingdao will be a “declaration by China of its determination to open up”.
Ren Airong, a vice-governor of Shandong province, said that 178 foreign multinational companies have tentatively agreed to take part, and that 28 of them are American, including Hewlett-Packard, Honeywell, Dow Chemical and Oracle.
The announcement comes at a time when Beijing’s has reiterated promises of fair treatment for foreign investors. However, red-carpet treatment for big-name companies such as BASF and Tesla are often undermined by anecdotes of mistreatment of other international brands, as well as Beijing’s threat to launch an “unreliable” entity list.