Addressing a press conference Chinese Premier Li Keqiang told before an assembly of global leaders and representatives that it will create level economic environment for companies from all nations in its country. This was in view of renewed discussions between negotiators from US and China following complaints from US firms about unfair treatment by Chinese government for letting them to do business in the country. It remains to be seen to what extent the leadership will keep up its promise. During the first phase of this change the government will let enterprises owned by government, private enterprise and firms owned by foreign firms that are registered in China be recognized as Chinese firms.
China is planning for reduction in taxes and fee cuts by 2 trillion yuan this financial year to stimulate growth. It said that growth will be focused on three different categories of business. In recent years while foreign owned firms have complained about forcible transfer of technology to Chinese partners. This led to breakdown of trade talk several times just when things were on verge of closure and negotiations are likely to start again at G20 meeting in Osaka, Japan.
According to Charles Freeman SVP for Asia at US Chamber of Commerce the business community between both nations is waiting eagerly for productive relationship as there is a lot at stake following the trade war. While both countries have been imposing tariffs on each other’s goods US has gone ahead and blacklisted Huawei from selling its products to American firms and vice versa. To showcase its liberalization drive China is lifting restrictions on foreign ownership of futures, life insurance firms and securities and also gradually reducing industries that till now were off limits for foreign firms. During his speech Chinese Premier also stated that country is on track to meet its economic growth estimates with 6–6.5 % growth for this year.