EYEAFRICA TV: Beijing, China: Foreign investors spoke highly of a more open business environment in China and vowed to seize such a good opportunity since China’s foreign investment law and a regulation on its implementation took effect on Wednesday.
The Foreign Investment Law which enacted in March 2019 is aimed at creating a better business environment for foreign businesses in China. As a matching regulation to the foreign investment law, the regulation highlights the promotion and protection of foreign investment and detailed measures to ensure the effective implementation of the law.
Tidjane Thiam, CEO of Credit Suisse, said China is progressively opening up its financial system.
“When I was in insurance, I make the same prediction. And now in banking, because I actually think that China was right. The Chinese authorities were right to open progressively their financial system. Even open when they join WTO financial system completely,” said Thiam.
A more open business environment with better promotion and protection of foreign investment is beneficial to foreign investors. At this time, foreign investors say what they need is to seize the opportunity.
“So, we need both ways. We need China to open truly and foreign institutions to seize the opportunity and grasp it and get in truly,” said Alicia Garcia Herrero, Chief Asia-Pacific Economist under French Investment Bank Natixis.
“For us, it’s easy to do business, there is no barriers, in fact the government accelerated the review and approval of new products. So it’s a very good environment, but of course, it’s a very big and very complex market just like the United States,” said Pascal Soriot, CEO of AstraZeneca.
Ingrid Zhang, President of Novartis Pharma China, felt confidence in the Chinese government, and was sure that China will keep improving its business environment and protecting innovation.
“We find the Chinese government is actually making significant progress, especially in recent years. A couple of examples, new products is [are] getting approved much faster. Our footprints is (are) crossing China. We’ve also brought different value chains to China from development, research as well as manufacturing footprints. And we are also working with research institutes, local innovators. We hope we can do more in the future. We’re also confident the Chinese government will also continue to improve the environment faster and protecting innovation,” said Zhang.
Meanwhile, foreign investors also promise to provide better products and service in return.
“We obviously want to take the opportunity of this opening up of the market, to explore and to give Chinese consumers the best of what we can offer,” said Laetitia Garnier, CEO of H and H Group.