China committed to openness, Xi says

Updated: 2015-03-30 07:38

By Zhao Shengnan and Zheng Yangpeng in Boao, Hainan(China Daily USA)

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Nation continues to welcome and protect foreign capital

President Xi Jinping assured foreign and Chinese corporate leaders at the 2015 Boao Forum for Asia on Sunday of China's commitment to its openness and welcoming of foreign investment.

He noted how some people believe that because China is now a global investor itself, it no longer needs foreign capital, or that its recent monopoly penalties on a few international corporations signal a rise in protectionism.

"Such views are all biased," he said.

The president said China will remain unchanged in its policies on foreign capital, in its protection of foreign investors' lawful rights and interests, and in its effort to improve its services to them.

Data from the United Nations Conference on Trade and Development show that China took in the most new foreign investment of any country last year.

That shows the country's "new normal" - a transition to high-quality products and service despite a slowdown in growth - can only result in more business opportunities for overseas investors, Xi said.

The interaction between China and the rest of the world is becoming increasingly closer, underscoring their shared destiny and opportunities more than ever, he said.

Opportunities will arise from developing the domestic market, in upgrading public infrastructure, in all new technologies and new business processes, and in environmental protection and energy conservation.

Xi welcomed investors to participate in China's initiative to revive the transcontinental trading routes.

China hopes to increase its trade volume with its Silk Road partner nations to $2.5 trillion in a decade, Xi said, adding that the initiative will be a boost to infrastructure development in those nations and serve to facilitate their industrialization.

The growth target for China's economy this year is around 7 percent - robust by global standards, but still the slowest rate in a quarter-century.

Xi said on Saturday in his keynote speech at the Boao Forum that as the economy continues to grow, the momentum it generates will be larger than the double-digit growth of previous years.

The latest AmCham China's Business Climate Survey found that although a majority of corporate executives remain optimistic about the prospects for China's domestic growth, "increasing Chinese protectionism" ranks among the top five challenges.

The Chinese economy's entry into "new normal" not only has significant implications for the nation itself, but also for Asia and the world, said Chi Fulin, president of the China Institute for Reform and Development.

Lawrence Chia, CEO of Deloitte China, said: "Depending on what sector they are in, our clients have come up with various strategies to cope with the slowdown or the 'new normal', and the slowdown might actually provide opportunities for certain firms that are in the sectors plagued by overcapacity."

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 China committed to openness, Xi says

President Xi Jinping attends a meeting with entrepreneurs at the 2015 Boao Forum for Asia in Hainan province on Sunday. Wu Zhiyi / China Daily

(China Daily USA 03/30/2015 page1)