Beijing to tap free-trade zones to reassure foreign investors with pro-business pledge
Beijing is doling out assurances and supportive measures to keep foreign companies onshore amid dwindling direct foreign investment inflows
Beijing has vowed to give more prominence to China’s free-trade zones, as well as a roll-out of pro-business measures, including trade facilitation to smoothen capital and data flow for foreign businesses.
The pledge was made at a meeting of a Communist Party reform task force headed by President Xi Jinping on Thursday.
“We will promote investment liberalisation and facilitation in free-trade zones, with a more complete policy system focusing on free and convenient trade, investment, capital flow, transport, personnel exchanges and safe and orderly cross-boundary flow of data,” said a readout from the state-backed Xinhua News Agency following the meeting of the Central Commission for Comprehensively Deepening Reform.
The charm offensive to retain and reel in foreign investment is being implemented via key events, with multinationals from 37 countries signing 163 deals worth US$53.3 billion during a three-day investment summit organised by the commerce ministry in Qingdao in eastern China’s Shandong province this week.
Beijing is doling out assurances and supportive measures to keep foreign companies onshore amid efforts to stave off Western economic and technological decoupling and to stabilise China’s trade and economic recovery.