China to keep opening up, leaders tell multinational executives at Fortune Global Forum
Globalisation has been most important driver for global economic growth, vice-premier says
Chinese leaders have sought to reassure the international community that China is opening its economy to overseas investors as the country grapples with accusations of forced technology transfers and limited market access.
The assurances also come as global investors are watching how China handles slowing growth and the challenges raised by interest rate rises and potential tax cuts in the United States.
Addressing the Fortune Global Forum in Guangzhou on Wednesday, Vice-Premier Wang Yang said rising protectionism and unilateralism were posing challenges to globalisation but “we should continue pushing for convenient and free trade”.
“The revolution in the tech and industry fields, the digital and shared economy, is reshaping the global economy … China’s future will be innovation driven,” Wang said at the forum attended by executives from 152 of the world’s biggest multinational companies. “As long as we break the barriers in the system, we will unlock enormous potential.”
He said China was working on a timetable to further open up key industries, including financial services and electric cars.
Chinese President Xi Jinping sent a letter of greeting to the forum in which he stressed China would keep its door open and welcome foreign investment.