China urged by foreign chambers of commerce to take firmer hand with private sector support

Name: China GDP: Beijing’s long to-do list to boost its economy in 2024
Uploaded: 2024-03-02T00:00:21.000Z
Duration: 2 min 31 s
Description: China GDP: Beijing’s long to-do list to boost its economy in 2024

Chambers of commerce in China have asked for action to match speeches from recent months courting retention, renewal of foreign investment

August’s 24-point plan for foreign sector has yet to convince business community of a safe return, but legislative sessions present new opportunities

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Foreign chambers of commerce have asked for clarity and consistency in policies meant to encourage overseas investment and activity. Photo: Bloomberg

Frank Chenin Shanghai

Published: 8:00am, 2 Mar 2024Updated: 11:39am, 4 Mar 2024

Foreign chambers of commerce in China have repeated their now-familiar call for action from Beijing to back its pro-business rhetoric – part of a larger effort to rekindle investment – even after the August unveiling of a 24-point plan to support overseas firms.

Chambers that took part in a round table discussion hosted by Deputy Minister of Commerce Ling Ji specifically requested traceable implementation of policies in reference to the omnibus package, announced amid Beijing’s charm offensive to prevent an exodus of foreign capital.

“European businesses look forward to a timeline detailing the full implementation of the remaining measures listed [in the package],” said Jens Eskelund, president of the EU Chamber of Commerce in China, who attended the round table on Wednesday.

Beijing said most of the 24 policies, including better intellectual property protection and tax incentives, had been enforced.

Retaining foreign investment and optimising the business environment are among the more pressing issues that Chinese lawmakers will discuss next week, as they meet in the capital for the country’s annual parliamentary gatherings, known as the “two sessions”, to review and approve the government work report and economic plans for the year.

Fixed-asset investments by foreign firms rose a mere 0.6 per cent year on year in 2023, compared to 3.2 per cent for mainland Chinese firms, while foreign direct investment dropped 11.7 per cent year-on-year to 112.7 billion yuan in January.

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China GDP: Beijing’s long to-do list to boost its economy in 2024

The most recent survey by the British Chamber of Commerce in China also found its members were having a harder time doing business in 2023, with many treading water on investment into the country.

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