China
Briefings update foreign diplomats and business community on China's policies
By Ma Miaomiao  ·  2024-08-05  ·   Source: NO.32 AUGUST 8, 2024
A thematic briefing on the Third Plenary Session of the 20th Communist Party of China (CPC) Central Committee, hosted by the International Department of the CPC Central Committee in Beijing on July 26 (IDCPC)

"Any progress in China is a good thing for Egypt," Egyptian Ambassador to China Assem Hanafi said while attending a thematic briefing on July 26 on the recently concluded Third Plenary Session of the 20th Communist Party of China (CPC) Central Committee, adding that China's development has brought and will continue to bring many benefits for Egypt and other countries in the Global South.

The briefing, hosted by the International Department of the CPC Central Committee (IDCPC), gathered some 150 senior diplomats representing 140 countries. Three days later, another thematic briefing was hosted by the IDCPC on July 29, and was attended by some 120 representatives from foreign business associations and multinational companies, as well as economic and trade officials from embassies in China .

Foreign diplomatic envoys in China hailed China's commitment to further deepening reform and opening up, and expressed that their countries are willing to share the opportunities brought about by China's steady development in the coming years.

Key messages

Since taking office as Maltese Ambassador to China in January 2023, John Busuttil has been traveling around the country, and has been impressed by what he has seen, in particular, in its economy despite the sluggish global economic recovery.

According to Busuttil, key messages he read from the Resolution of the Central Committee of the Communist Party of China on Further Deepening Reform Comprehensively to Advance Chinese Modernization, adopted at the recent plenary session of the CPC Central Committee, have assured him of the opportunities the country's growth will bring to Malta.

"New quality productive forces, Chinese modernization and openness—these words are very important," Busuttil told Beijing Review. "When the Chinese economy does well, the global economy will do well too."

New quality productive forces represent China's strategic shift toward a more innovative, technology-driven and sustainable economic model to achieve higher productivity, competitiveness, and long-term growth.

Belarusian Ambassador to China Aleksandr Chervyakov said he gained an understanding at the briefing of China's philosophy of sustainable development—which is one of the essentials for China's success.

He continued that the resolution outlines a roadmap for stability and sustainable economic development in China, adding that "China ranks as one of the world's major powers in terms of purchasing power. Therefore, how China develops and in which directions it progresses are vital signals for the global community."

Jacques De Vos, Executive Director of CED Prometheus, a South African business consulting company, believes that China has proved itself as a stable major economy, which is important for foreign investors in China, because the country could provide a stable environment.

"I think the most important thing that came out very clearly from the third plenum is that China is going toward globalization, unlike many of the major economies that have turned to protectionism," he said.

"I come from South Africa, and for us, it is so critical that globalization should be strengthened. And the China-proposed Belt and Road Initiative [introduced in 2013 to boost connectivity along and beyond the ancient Silk Road routes—Ed.] shows that China is committed to globalization," he added.

"The fact that China wants to continue to open up and makes substantial efforts to engage with globalization is very important for everyone, for Europe and for the entire world," Busuttil said.

Sharing growth potentials

There is quite a lot that Malta can do with China in terms of emerging areas, including artificial intelligence, digitization and green transportation, according to Busuttil.

For example, Zarb Coaches Ltd., a leading tourist transport operator in Malta, added four electric buses produced by Chinese manufacturer Yutong Bus Co. Ltd. to its fleet in April, while other Chinese electric vehicle (EV) brands have also entered the local market.

Stefan Deguara, CEO of GasanZammit Motors Ltd., a car importer in Malta that began its business in 1928, told Xinhua News Agency in June that his company has imported Chinese EV manufacturer BYD's products since September last year. He said Chinese EVs offer competitive prices for Maltese customers without compromising on quality, making them attractive to individual consumers and businesses, and encouraging the shift to electrification in Malta.

In May, Chinese tech giant Huawei Technologies launched a public cloud service in Cairo, Egypt, which brought Huawei Cloud's total number of regions to 33 globally. According to the company, in the next five years, Huawei will train 10,000 developers and 100,000 digital professionals in Egypt to promote local digital transformation.

"We hope that these advanced technologies from China can be further transferred to Egypt so we can further promote Egypt's development in these fields," Hanafi told Beijing Review, adding Egypt has undertaken many cooperative projects with China since the latter plays a leading role in areas such as clean and renewable energy.

Addressing concerns

During the two briefings, the IDCPC also opened the floor to free exchanges, and many participants also raised questions that concerned them.

Japanese Ambassador to China Kanasugi Kenji was among the first to raise his hand. He wanted to know what specific measures China will take to further ensure the national treatment for foreign-funded enterprises in China.

Jiang Xiaojuan, former Deputy Secretary General of the State Council and a professor at the University of Chinese Academy of Social Sciences, explained that China has already implemented the pre-establishment national treatment plus a negative list approach across the board, and continues to ramp up the protection of the legitimate rights and interests of foreign investors.

China's policies to encourage foreign investment are both specific and resolute, Jiang added. These include shortening the negative list, a list of items restricted or prohibited to foreign investors, eliminating market access restrictions in manufacturing, and expanding the catalog of industries encouraged for foreign investment.

Despite global headwinds, China has remained as an appealing destination for foreign investment. Official data showed that the number of newly established foreign-funded enterprises in China surged by 39.7 percent year on year in 2023.

A representative from the Australian Chamber of Commerce in China asked what mechanisms would be put in place to supervise policy implementation at local levels and address differences in policy implementation among different localities.

Zhang Yansheng, chief researcher at the China Center for International Economic Exchanges, said it's important to streamline communication between government departments and foreign investors.

Quoting the line "we will refine the mechanisms through which the major decisions and plans of the Central Committee are implemented, in order to ensure full compliance with its orders and prohibitions" in the resolution, Yang Xuedong, Director of the Department of Political Science at Tsinghua University, said China is working to address the problem.

(Print Edition Title: First-Hand Communication)

(Tao Xing contributed to this story)

Copyedited by G.P. Wilson

Comments to mamm@cicgamericas.com 

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