As the Chinese mainland continues its 45-year journey of reform and opening-up, significant strides have been made to create a business environment that is internationally integrated, open, market-oriented, and law-based. These efforts are pivotal in driving economic progress and positioning China as a prime destination for global investors.
During a recent State Council study session on December 20, Premier Li Qiang emphasized the importance of enhancing the business climate to preserve market vitality and strengthen the endogenous dynamics for growth. He highlighted that foreign investment and economic development are closely linked to a favorable business environment. Premier Li outlined the necessity of establishing a corporate climate that is internationalized, law-based, and market-focused. This includes standardizing administrative penalties, making regulations more effective, conducting government services in line with international law, and embracing new technologies.
These policy measures are aligned with the highest standards of international economic and trade regulations, aiming to strengthen China's opening-up policies. As China approaches a turning point in its economic recovery in 2024, these recommendations are set to be fully implemented. The main objectives include ensuring fair competition, safeguarding intellectual property rights, creating stable and dynamic markets, and facilitating easier market access for international businesses.
China's business climate is not only well-regulated but also flexible and open to innovation, adapting to the evolving landscape of global business. Since 2013, national reforms have optimized the business environment, significantly boosting China's economic competitiveness. This progress is reflected in China's improved ranking in the World Bank's Ease of Doing Business Project, where it stood 31st out of 190 nations and regions in a 2020 study. Enhanced market regulatory services have made China's business environment more favorable, offering fair conditions for international commerce and better protection of worker rights.
Daniel Wussow, Senior Vice President of BASF Mobile Emissions Catalysts, praised China's economic transformations, noting improved intellectual property protection, increased openness, and the advantages provided to international corporations. Despite facing derogatory rhetoric from some Western media outlets, China remains one of the most attractive countries for investment, thanks to its substantial domestic market of around 1.4 billion people and strong macroeconomic performance. The thriving industrial and agricultural sectors further underscore China's potential for sustained economic growth.
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China's business environment conducive to int'l business activities
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