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Xi pledges more access to China's markets

By WU JIAO in Seattle and HEZI JIANG in New York (China Daily USA)

Updated: 2015-09-24 11:37:28

8.03K

President Xi Jinping, in addressing CEOs from 30 leading companies on Wednesday, said that China was taking steps to make its markets more accessible.

"China is pursuing a new round of opening up," Xi said at the US-China Business Roundtable in Seattle on the second day of his US visit. "And significantly removing restrictions on market access for foreign investments."

His economic policy speech was geared to reassure the companies that growth in China would remain positive in the long run and that China would further open to the outside world. He also called for the conclusion of a high-standard Bilateral Investment Treaty (BIT) between the two countries.

"Without reform, there will be no driving force; without opening up, there will be no progress," Xi said through an interpreter to the group that included billionaire investor Warren Buffett; Amazon.com Inc founder Jeff Bezos; Apple Inc CEO Tim Cook; Jack Ma of Alibaba Group Holdings Ltd; Pony Ma of Tencent Co; and Yang Yuanqing of Lenovo Group Ltd.

Xi acknowledged the "moderation in speed and downward pressure with some ups and downs in the stock market" when speaking of China's economy, but said the long-term positive trend will remain, and the country will continue to provide vast markets and support to the global economy.

In 2014, China attracted $128.5 billion in foreign direct investment (FDI), becoming the world's top destination for FDI for the first time.

"China-US business cooperation has enormous potential," Xi said.

Xi encouraged American companies to set up regional headquarters and R&D centers in China, and welcomed small and mid-sized enterprises to invest in China. He toured a Boeing Inc assembly line in Everett, Washington, earlier Wednesday as the company announced it had won orders and commitments from China for 250 narrow-body 737 aircraft and 50 wide-body aircraft, valued at about $38 billion.

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