U.S. and China collaborate to stabilize business environment Beijing confirms

29 Jan, 2024

U.S. and China collaborate to stabilize business environment Beijing confirms

China and the U.S. are actively collaborating to establish a more stable and predictable environment conducive to business operations, as affirmed by Chinese Commerce Minister Wang Wentao during a press conference on Friday. Since last summer's visit by U.S. Commerce Secretary Gina Raimondo to China, both nations have committed to holding regular meetings at various levels of government, underscoring their mutual dedication to fostering economic and trade cooperation.

Wang emphasized the importance of maintaining open channels of communication to enhance bilateral economic ties and stabilize business expectations between the two nations. Despite challenges such as U.S. tech restrictions and sanctions, both parties recognize the overarching significance of their economic and trade relationship.

Foreign businesses operating in China have long voiced concerns about facing unequal treatment compared to domestic counterparts, as well as navigating ambiguous regulations, particularly concerning data transfer policies. While progress has been made, such as the release of a 24-point plan aimed at supporting foreign businesses and efforts to clarify data export rules, challenges persist.

Amidst a backdrop of global economic uncertainties and geopolitical tensions, China remains committed to attracting foreign investment. Premier Li Qiang's optimistic portrayal of China as an opportunity for businesses at the World Economic Forum echoes a broader sentiment of cautious optimism among international investors.

Despite the challenges, the resilience of China's economy and its vast consumer base continue to attract interest from multinational corporations, signaling ongoing opportunities for growth and collaboration in the world's second-largest economy.