MNI POLICY: China Hopes U.S. Stops 'Discrimination' On Firms

China hopes the U.S will cease from discriminatory measures against Chinese companies and help create conditions for the implementation of the Phase-One trade deal between the two countries, Ren Hongbin, Assistant Minister of Commerce said Thursday.

Ren said any "concrete information" about a reported video conference between the top trade negotiators of the two countries on Aug. 15 to review the Phase-One deal would be released in a timely manner.

"China has been implementing the deal earnestly, but the coronavirus pandemic and the U.S. tightening export restrictions targeting China have impacted China's import of some U.S. goods and services," said Ren, adding that the two sides should strengthen cooperation to overcome difficulties.

INVESTMENT

As for stabilizing foreign trade, Ren said China will focus on safeguarding export companies, deepen Belt & Road initiatives to develop emerging markets, expand the export of daily necessities and anti-pandemic materials as well as stabilizing supply chains.

The resumption of output in China, ahead of the wider global curve, will boost multi-national companies's confidence in investing in China, despite some countries including Japan encouraging their companies to move out of China, said Zong Changqing, head of foreign investment at MOFCOM.

"Among the 87 companies first subsidized by the Japanese government to relocate their industrial chains, there are more than 30 of them have invested in China," said Zong, "But none of them has closed their operations in China so far, with most diversifying their investment," he added.

China remains the major investment destination for most multinational companies, supported by China's solid economic fundamentals, large market, advantages in labor and infrastructure as well as 'opening up' policies, Zong added.