At the Asia-Pacific Economic Cooperation (APEC) Entrepreneurs Dinner and CEO Summit, Chinese President Xi Jinping stated that he welcomed foreign companies to continue to invest in the mainland, but did not mention specific commitments to help companies resolve current challenges, which has left some U.S. business leaders feel disappointed.
The Wall Street Journal (WSJ) analyzed that at the entrepreneurs dinner on the 15th, Xi Jinping won applause from the audience several times when he delivered a speech, but the tone was to emphasize the space for cooperation between the United States and China and hope that American companies can help ease tensions between the United States and China. The lack of specific mention of trade and investment with the United States surprised and disappointed many business executives, who believed that he missed an opportunity, not to mention reassuring American business leaders who are suffering from the increasingly difficult operating environment in China.
In contrast, U.S. Commerce Secretary Raimondo also mentioned in his speech that even though both countries prioritize national security, “we hope to have warm trade exchanges with China.” A senior executive of a U.S. company who attended the dinner said that Xi Jinping had not hinted at all that he would be accommodating to companies or that he wanted to attract more investment. “It was just propaganda at best.”
Xi Jinping also attended the APEC CEO Summit on the 16th and stated in a written speech that the Asia-Pacific cannot and should not be reduced to a arena of geopolitical games, let alone a “new cold war” and camp confrontation. Xi Jinping said that China’s economy has continued to rebound and improve this year. No matter what the international situation is, China’s determination to create a legal and international business environment will not change. It welcomes the business communities of all countries to continue to invest in China.
Bloomberg News analyzed that this may have mixed feelings in the ears of business leaders in the audience, because it is in stark contrast to the reality they encounter. The reality is that there are more and more difficulties in running a business in mainland China, including investigations of foreign companies, unpredictable regulations, increased compliance risks, and weak economic activities. Mainland China’s newly promulgated espionage and data security regulations also put routine business activities at risk of prosecution.
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2023-11-17 21:42:07
