China committed to reviewing market access, cross-border data flows – PM
Premier Li Qiang assured global CEOs and Chinese policymakers of China’s commitment to reviewing market access and cross-border data flows, with new regulations expected soon, according to Reuters.
He welcomed foreign investment, emphasising China‘s dedication to fostering industries like biological manufacturing, artificial intelligence, and the data economy.
Recent relaxations in foreign investment and data export rules were announced to stimulate investment, following a 20 per cent decrease in investment inflows in early 2024.
Li highlighted China’s manageable inflation rate and debt burden, affirming the effectiveness of measures taken to address property and debt risks.
He further mentioned the issuance of 1 trillion yuan in ultra-long special treasury bonds to bolster investment and stabilise economic growth.
Despite challenges such as a property crisis and deflationary risks, China’s $18 trillion economy remains resilient.
The annual China Development Forum serves as a platform for global CEOs and Chinese officials to discuss foreign investment, although Li is not scheduled to meet with foreign CEOs this year. However, Chinese President Xi Jinping plans to meet with a group of US business leaders, underscoring China’s efforts to attract foreign investment amid concerns over the business environment and economic recovery.
A new action plan aims to enhance the business environment for foreign firms, particularly in manufacturing, telecommunications, and healthcare. Despite a solid start to the year, analysts view China’s ambitious growth target of around 5 per cent sceptically, considering challenges like the property crisis and subdued household consumption.
