Xinhua Agency, Chongqing, October 22 Title: Seeking common ground for new development in the western region and sharing new opportunities for cooperation-Observation of the high-level roundtable meeting between the National Development and Reform Commission and U.S. multinational enterprises in China

Xinhua Agency reporters Zhou Yuan, Li Xiaoting, Hu Xu

"What investment space will Chongqing's green and low-carbon transformation bring?""What measures will be taken to optimize the foreign investment environment?""How can foreign companies make good use of the 'two new' policies of the China government"...

From the 21st to the 22nd, a high-level roundtable meeting between the National Development and Reform Commission and U.S. multinational companies in China was held in Chongqing. Representatives from about 60 multinational companies and chambers of commerce in China attended the meeting and talked about building an inland open comprehensive hub and seeking new opportunities for cooperation.

The high-level roundtable meeting between the National Development and Reform Commission and U.S. multinational companies in China. (Photo provided by the organizer)

Inside and outside the venue, groups of data attracted attention--

Looking at China, the total value of imports and exports of goods in the first three quarters reached 32.33 trillion yuan, exceeding 32 trillion yuan for the first time in the same period in history; trade with more than 160 countries and regions around the world achieved growth. Looking at Chongqing, the New Western Land-Sea Corridor reaches 518 ports in 124 countries and regions, has settled in a total of 319 Fortune 500 companies, and has established 56 international sister cities...

"China continues to promote high-level opening up to the outside world, and Chongqing is facing new opportunities in building an important strategic fulcrum for the development of the western region in the new era and a comprehensive hub for inland opening." Zheng Bei, deputy director of the National Development and Reform Commission, said that promoting the development of the western region is inseparable from a higher level of opening up to the outside world and the in-depth participation and cooperation of foreign-funded enterprises. We hope that more foreign-funded enterprises will seize the opportunity, follow the trend, and invest in China, cultivate deeply in China, and win in China.

During this trip to Chongqing, the delegation of the American Chamber of Commerce in China included both companies that have been rooted in Chongqing for many years and companies that have come here for the first time to find investment opportunities.

Michael Ho, president of the American Chamber of Commerce in China, told reporters that China has always been a very important market for American companies. Recently, some companies have announced increased investment in China and regard it as a long-term growth market. "Since the beginning of this year, China has launched many open policies and expects these policies to continue to inject vitality into the economy. We will also continue to look for investment opportunities."

Power system supplier Cummins is one of the first multinational companies to enter China. In May and June this year, Chongqing Cummins Engine Co., Ltd. continuously set a monthly sales record. "It has a complete industrial system and is full of vitality and opportunities." In the view of Yuan Jun, the company's general manager, the government, partners, employees, and the market are helping the company grow into a new benchmark in the world's high-horsepower engine development and manufacturing.

The high-level roundtable meeting between the National Development and Reform Commission and U.S. multinational companies in China. (Photo provided by the organizer)

Talking about experiences, looking for opportunities, and making suggestions, over the past two days, representatives of enterprises and chambers of commerce have shared their views on various occasions.

"Chongqing has obvious regional advantages, and the business environment continues to be optimized and upgraded." Zhao Shenqingyu, Regional General Manager of the Corporate Affairs Department of Walmart (China), looks forward to continuing to carry out in-depth cooperation with Chongqing to jointly achieve high-quality development.

Recently, China has stepped up its efforts to launch a package of incremental policies to promote the continued recovery of the economy. "These policies have increased companies 'confidence in the market." Tao Lin, global vice president of Tesla, believes that companies must have confidence in the market before they can further strengthen research and development, production and recruit more people, thereby driving the development of the entire industry.

Zhang Lipei, vice president of the U.S. -China Business Council, said that she very much appreciates China's adoption of a fair competition review mechanism to ensure fair competition among business entities. At the same time, we also hope that governments at all levels will implement preferential policies for enterprises and increase more expectations for foreign investment.

Face-to-face communication and practical response. Relevant leaders of participating departments answered the issues of concern to representatives of multinational companies and chambers of commerce one by one.

What opportunities do foreign companies have in Chongqing's green and low-carbon development process? Zhong Xi, deputy director of the Chongqing City Economic Information Commission, gave practical suggestions: degradable plastics have not yet achieved localized production; plans to focus on cultivating a number of third-party green transformation public service support platforms for enterprises, etc. These are all opportunities.

How can foreign companies better participate in large-scale equipment updates and consumer goods swaps? Wen Hua, deputy director of the Environmental Resources Department of the National Development and Reform Commission, said that the "two new" policies do not distinguish between ownership and country. Promoting green and digital transformation is an important policy orientation. Therefore, both US companies and other companies can give full play to their own advantages and provide more and better products and technologies.

How to further promote the introduction of policies to optimize the business environment? Huazhong, deputy director of the Foreign Investment Department of the National Development and Reform Commission, said that the catalog of industries encouraging foreign investment is currently being revised, and special actions to serve foreign-funded enterprises will continue to be carried out, the issues reported will be managed in a list-based manner, and timely feedback will be provided to enterprises.

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"The roundtable has become an important platform for foreign-funded companies to understand China's policies and seek cooperation opportunities." Shan Wenjun, general manager of GE Aerospace China affairs, believes that a series of activities have laid a good foundation for subsequent in-depth exchanges and pragmatic cooperation.

The National Development and Reform Commission established a high-level roundtable mechanism with U.S. multinational companies in China in 2021. Currently, 9 events have been held, with nearly 700 senior executives from more than 300 U.S. -funded companies participating.