China welcomes companies from worldwide to further expand investment

Chinese Premier Li Keqiang said on Wednesday that companies from all over the world are welcome to further expand investment in China and deepen cooperation in various fields to achieve common development.

Li made the remarks when attending the virtual dialogue with business leaders of the Global CEO Council in Beijing.

Business leaders of nearly 30 Fortune Global 500 companies, including Schneider Electric, Dow, ABB, Panasonic, Cargill, Rio Tinto, Starbucks and Volkswagen, spoke on the topics of innovation-driven development, green and low-carbon transition, and multinational companies' new development opportunities in China.

Li recognized the contributions of multinational companies to China's reform, opening-up and modernization drive, and engaged in in-depth discussions with the business leaders.

Noting that China is both the world's largest developing country and a growing market with huge potential, Li said China has vigorously implemented the innovation-driven development strategy and continuously inspired ideas of innovation and unleashed innovation vitality.

China will continue to deliver institutional tax and fee cuts, including extra tax deduction on research and development expenses and refund of overpaid value-added tax, to increase the share of total research and development spending in GDP, said Li, adding that China will support business innovation and technology upgrading with market-oriented incentives that are equitable and inclusive.

Through technology innovation and cooperation, China will step up the new energy development and clean use of coal, strive for a green and low-carbon transition while ensuring energy and electricity supply, and better meet the climate challenge, he said.

Li pointed out that reform and opening-up is a sure path for China to achieve modernization.

The Premier said China will continue to deepen the reform of transforming government functions, foster a market-based, world-class business environment governed by a sound legal framework, strictly protect intellectual property, and provide equal and fair treatment to both domestic and foreign-invested firms.

China will improve the foreign investment promotion and service system and make China a highly attractive investment destination over the long run, Li added.

Updating the participants on the state of the Chinese economy, Li said that China will continue to take economic development as the central task.

In the face of new downward pressure, China will place steady growth in a more prominent place and pursue steady growth, structural adjustment and reform in a coordinated way, to keep major economic indicators within the proper range and maintain sound economic fundamentals in the long term, Li said.

Noting that China's 150 million market entities are important underpinnings for employment and economic growth, Li said that China will make every effort to help businesses overcome difficulties, unlock their vitality and the internal dynamism of development, and solidify the basis for steady growth and employment.

China will extensively advance the mass entrepreneurship and innovation initiative, to increase job opportunities and unleash public ingenuity by pooling wisdom and strength, Li said.

China will continue to design and execute its macro policies around the needs of market entities and ramp up fiscal and financial support, including through policy mix of tax and fee cuts and lowering financing cost, to lessen corporate burdens and enable the further growth of more market entities, he added.

The participating business leaders expressed appreciation to the Chinese government for the valuable support extended to foreign-invested companies for their normal operation in China during the pandemic, and applauded China's active efforts in addressing climate change.

They expressed optimism about the future of China's economic development and readiness to actively participate in and contribute to the process of China's full modernization.

They also expressed the desire to further strengthen cooperation in innovation, the digital economy, health, food security, green and low-carbon transition and sustainable development, to keep global industrial and supply chains stable and send to the world a positive message of working together for economic recovery.