China
Beijing Boosts Free-Trade Zones to Woo Foreign Investors Amid Economic Uncertainties
Beijing Utilizes Free-Trade Areas to Bolster Confidence Among International Investors with Commitment to Business-Friendly Policies
Beijing is extending promises and incentives to retain international enterprises within the country in response to decreasing inflows of direct foreign investment.
Beijing has committed to enhancing the visibility and importance of China’s free-trade areas while implementing business-friendly policies, such as trade facilitation to streamline the flow of capital and data for international companies.
During a Thursday gathering of a reform task force led by President Xi Jinping, a commitment was made by the Communist Party.
"According to a summary from Xinhua News Agency, which is supported by the state, following a session of the Central Commission for Comprehensively Deepening Reform, there are plans to enhance the liberalization and facilitation of investments in free-trade areas. This will be achieved through a more comprehensive policy framework that emphasizes the ease of trade, investment, capital movements, transportation, personal exchanges, and the secure and systematic trans-border movement of data," the report stated.
This week, in an effort to secure and attract overseas capital, the commerce ministry orchestrated a significant event in Qingdao, located in the eastern province of Shandong, China. During this three-day investment summit, companies from 37 different nations inked 163 agreements, totaling US$53.3 billion.
Beijing is offering guarantees and assistance to retain international businesses in the country as it seeks to prevent Western nations from economically and technologically distancing themselves and to secure the stability of China's trade and economic resurgence.
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