China is trying to entice foreign investment with promises of greater consideration for companies trying to do business in the country
Speaking in Madrid ahead of the G20 summit in Argentina later in the week, China’s President Xi Jinping said, “China will make efforts to open, even more, its doors to the exterior world and we will make efforts to streamline access to markets in the areas of investment and protect intellectual property,” Reuters reported.
This isn’t the first time that China has dangled an improved trade environment carrot. Back in May, for example, China’s minister of foreign affairs, Wang Yi, wrote in an editorial in the country’s state-run newspaper, “We will get more in line with international economic and trade rules, significantly widen market access, open the services sector, especially the financial sector, wider, and create a more appealing investment environment,” according to Reuters at the time.
Greater access and improved IP protection would address two major concerns corporations have had about doing business in China. Many have complained about business conditions in the country, such as forced technology transfers and overt favoring of domestic companies, as the New York Times reported.
This could also be part of a strategy to end, or at least moderate, the trade war between China and the U.S. Xi and Donald Trump are scheduled to meet at the G20 summit.