Slowing Chinese GDP clouds foreign firms
Print Edition
FOREIGN firms in China are less optimistic about its slowing economy, although China is still high on their agenda, said a report by the European Union Chamber of Commerce in China released yesterday.
“Foreign businesses hailed the promulgation of China’s reform vision. But now it is clear that some reform momentum has been lost,” according to a position paper of the chamber’s annual flagship publication European Business in China.
The paper, considered a “wish list” by the chamber, provides advice for the Chinese government and reflects the sentiment of European businesses.
“The Chinese leadership should make good on market reform promises that can strengthen the nation’s softening economy while bolstering trust among European and international businesses,” said the paper.
China has pledged to reform the economy to be less dependent on exports and government investment while allowing market forces to play a larger role in its growth.
The chamber expects to see an economic model in which market forces decide on the allocation of resources in the economy, consumption holds a larger share of the economic output, and there is no discrimination between domestic and foreign investment. The state should play a reduced role in the economy, acting solely as regulator and enforcer.
“The Chinese government must avoid giving in to the protectionist tendencies that are continuing to curtail legitimate market access, whether on the grounds of national security or other concerns,” the paper said.
“The most pressing issue now is how to forge ahead with the reforms that will help to bring about the rebalancing of the economy.”
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