Senior executives from three large Western companies that Reuters spoke to on the condition of anonymity said they were similarly unconvinced after discussing prospective investment with local authorities. Noah Fraser, managing director of the Canada China Business Council, said his organisation had also been on the receiving end of a "charm offensive" from municipal, provincial and regional authorities, but that his understanding from most of them was that cash would not be forthcoming and projects would need to be self-financed. The charm offensive contrasts with Beijing's more hawkish overtures about dominance in supply chains and President Xi Jinping's increased focus on national security.ĭollar-denominated foreign direct investment (FDI) fell 5.6% in January-May from the same period last year, despite the end of strict COVID curbs, as the post-pandemic recovery in the world's second-largest economy faltered.Ĭhina's Ministry of Commerce did not respond to a request for comment. He cited five meetings between their London office and delegations from Chinese local governments in late June.īut "there’s still a lot of work to do in terms of warming up or reheating interest in China," he warned. "Clearly the China-side is very much getting on the front foot with international engagement," said Kiran Patel, senior director at the China-Britain Business Council. However, foreign industry executives and lobbyists say the incentives many local governments now offer are far less attractive than they were a decade ago, when companies could easily win subsidies or free land use and the regulatory environment seemed more predictable. Special Presidential Envoy for Climate John Kerry at the Great Hall of the People in Beijing Tuesday, July 18, 2023. Chinese Premier Li Qiang attends a meeting with U.S.
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