Li Keqiang downplays fears over anti-monopoly probes ahead of economic forum

Premier Li Keqiang yesterday played down fears among multinationals that Beijing's anti-monopoly probes were targeting foreign companies, reassuring them that market access would be further eased.

Meeting leaders from multinationals including Alcoa and Saudi Aramco, who will be attending the three-day World Economic Forum that opens in Tianjin today, Li said that while the mainland economy had shown more signs of slowdown, the central government would not pursue massive stimulus policies and its monetary policy would remain prudent.

The European Union Chamber of Commerce in China called yesterday for "a resolute implementation" of Beijing's pledged reforms in a bid to establish a fair playing field for foreign companies. Last week, the American Chamber of Commerce in China criticised the "selective and subjective enforcement" of anti-monopoly, IT security and other regulations that made foreign companies feel targeted.

The complaints came after Beijing launched antitrust probes into multinational firms from Microsoft to Audi, fuelling concerns of a deteriorating foreign investment climate.

Li, in response to a question, said: "I myself feel concerned why you have such worries."

"We hope that foreign investors feel willing and relaxed" to enter the Chinese market, he said. "Only about 10 per cent of companies under the anti-monopoly probes are foreign."