CHINA MEETS FOREIGN FINANCIAL INSTITUTIONS AND ENTERPRISES TO DISCUSS HOW TO SUPPORT ECONOMIC RECOVERY

Date 21-09-2023 Views 10125

The Central Bank of China and the China Foreign Exchange Administration recently met with foreign financial institutions and companies, in the context that Beijing is trying to attract foreign investment to support the process, the country's economic recovery, according to Reuters

JPMorgan, HSBC, Deutsche Bank and Tesla are among the units invited by the Chinese side to attend the meeting.

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The headquarters of the People's Bank of China, the Central Bank, is pictured in Beijing, China.

 

According to an announcement by the People's Bank of China (PBOC), there have been signs of renewed efforts by Chinese policymakers to revive trade and foreign investment in the country.

The world's second-largest economy has lost momentum since the second quarter and was showing temporary signs of stabilization last month thanks to policy support from China's central authorities.

People's Bank of China Governor Pan Gongsheng said in a statement that China will improve policies and create a business environment that is market-oriented and consistent with common practices.

International, Mr. Thang said China will also continue to improve the quality and efficiency of financial services.

It was reported that companies at the meeting called on Beijing to optimize its business environment.

China has sought to attract foreign capital as economic recovery from the COVID-19 pandemic slows due to falling foreign demand and a massive withdrawal of foreign investors from the market. Chinese stocks.

In an effort to attract more foreign investment, the State Council and the Chinese government in August issued guidelines on foreign capital, which emphasized that authorities should strengthen the protection of the rights and interests of foreign investors, external investors, especially strengthening intellectual property rights enforcement.

On September 15, China's Ministry of Commerce said that actual foreign direct investment in China decreased by 5.1% over the same period last year, to 847.2 billion Yuan (116 billion USD) in the first 8 months of 2023.

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