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June 29, 2017

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‘We need you,’ Li tells foreign firms

CHINA’S reform needs the participation of foreign capital, companies and wisdom, Premier Li Keqiang said yesterday as he pledged easier market access and a level playing field for foreign firms.

Li made the remarks in response to a question from Dutch multinational Royal DSM CEO Feike Sijbesma during a meeting with global business leaders at the ongoing Annual Meeting of the New Champions 2017, or Summer Davos, in Dalian.

“China’s reform has always paralleled with the opening up ... We welcome foreign firms to come to China and participate in corporate reorganization and will further lower the threshold of services to foster new growth engines,” Li said. He repeated his pledge that overseas companies would enjoy the same treatment as domestic firms.

Answering a question from Alex Molinaroli, chairman and CEO of Johnson Controls, Li reassured global companies that the country’s manufacturing improvement program would not lead to a worsening business environment.

“There is a misunderstanding about the ‘Made in China 2025’ plan, saying the purpose of such policies is to enable China not to buy foreign equipment, which, however, is impossible,” Li said, pointing out that firms make their own decisions to purchase products in the age of globalization.

Instead, “it will create enormous business opportunity for companies from home and abroad,” Li said.

He said he expected more technological cooperation between domestic firms and their global peers.

With its huge market potential, improvements in China’s manufacturing will in return prompt growth of the world market, Li said.

Responding to concerns about forced technology transfers, Li said: “The government will not allow Chinese companies to compel foreign partners to transfer technologies or infringe on intellectual property rights ... cooperation should be voluntary and to the benefit of exploring the Chinese market.”

Li promised equal support for foreign-funded companies in areas related to the plan, such as green development.

Foreign enterprises are also welcome to participate in China’s Internet Plus plan, Li said, vowing to open the sector wider.

China has opened many businesses and services to foreign investors in basic and value-added telecommunications, the highest level of opening up among developing countries, he said.

Foreign investors have huge space for development in Internet Plus, including cloud platforms, telecommunications and cross-border electronic commerce.

The central government will ensure inclusive and cautious supervision and regulation to help foreign enterprises and to boost Chinese economic growth, said Li, adding that joint efforts are needed to address Internet fraud, counterfeits sold online and the theft of commercial secrets.

Li said China has helped reduce excessive capacity, contributing to a wider move by the international community.

China eliminated more than 65 million tons of steel production capacity and over 290 million tons of coal last year, beating government annual targets.

China “has not passed the buck but taken the initiative” in cutting excessive capacity, Li said.




 

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