• Home
  • Politics
  • Health
  • World
  • Business
  • Finance
  • Tech
  • More
    • Sports
    • Entertainment
    • Lifestyle
What's Hot

Trump Announces First Post-Tariff Trade Deal

May 8, 2025

100 Funny Father’s Day Quotes for Hilariously Relatable Humor (and Plenty of Love Too)

May 8, 2025

Top 10 Benefits Of Acupuncture

May 8, 2025
Facebook Twitter Instagram
  • Contact
  • Privacy Policy
  • Terms & Conditions
Friday, May 9
Patriot Now NewsPatriot Now News
  • Home
  • Politics

    Security video shows brazen sexual assault of California woman by homeless man

    October 24, 2023

    Woman makes disturbing discovery after her boyfriend chases away home intruder who stabbed him

    October 24, 2023

    Poll finds Americans overwhelmingly support Israel’s war on Hamas, but younger Americans defend Hamas

    October 24, 2023

    Off-duty pilot charged with 83 counts of attempted murder after allegedly trying to shut off engines midflight on Alaska Airlines

    October 23, 2023

    Leaked audio of Shelia Jackson Lee abusively cursing staffer

    October 22, 2023
  • Health

    Disparities In Cataract Care Are A Sorry Sight

    October 16, 2023

    Vaccine Stocks—Including Pfizer, Moderna, BioNTech And Novavax—Slide Amid Plummeting Demand

    October 16, 2023

    Long-term steroid use should be a last resort

    October 16, 2023

    Rite Aid Files For Bankruptcy With More ‘Underperforming Stores’ To Close

    October 16, 2023

    Who’s Still Dying From Complications Related To Covid-19?

    October 16, 2023
  • World

    New York Democrat Dan Goldman Accuses ‘Conservatives in the South’ of Holding Rallies with ‘Swastikas’

    October 13, 2023

    IDF Ret. Major General Describes Rushing to Save Son, Granddaughter During Hamas Invasion

    October 13, 2023

    Black Lives Matter Group Deletes Tweet Showing Support for Hamas 

    October 13, 2023

    AOC Denounces NYC Rally Cheering Hamas Terrorism: ‘Unacceptable’

    October 13, 2023

    L.A. Prosecutors Call Out Soros-Backed Gascón for Silence on Israel

    October 13, 2023
  • Business

    Trump Announces First Post-Tariff Trade Deal

    May 8, 2025

    Electric Vehicle Sales Nosedive As GOP Takes Buzzsaw To Biden’s Mandate

    May 7, 2025

    Tyson Foods Announces It Will Bend The Knee To Trump Admin’s New Rules

    May 7, 2025

    Federal Reserve Holds Interest Rates Steady Despite Pressure From Trump

    May 7, 2025

    ‘Wait Them Out’: John Kennedy Tells Larry Kudlow One Lie He Suspects China’s Telling US

    May 7, 2025
  • Finance

    Ending China’s De Minimis Exception Brings 3 Benefits for Americans

    April 17, 2025

    The Trump Tariff Shock Should Push Indonesia to Reform Its Economy

    April 17, 2025

    Tariff Talks an Opportunity to Reinvigorate the Japan-US Alliance

    April 17, 2025

    How China’s Companies Are Responding to the US Trade War

    April 16, 2025

    The US Flip-flop Over H20 Chip Restrictions 

    April 16, 2025
  • Tech

    Cruz Confronts Zuckerberg on Pointless Warning for Child Porn Searches

    February 2, 2024

    FTX Abandons Plans to Relaunch Crypto Exchange, Commits to Full Repayment of Customers and Creditors

    February 2, 2024

    Elon Musk Proposes Tesla Reincorporates in Texas After Delaware Judge Voids Pay Package

    February 2, 2024

    Tesla’s Elon Musk Tops Disney’s Bob Iger as Most Overrated Chief Executive

    February 2, 2024

    Mark Zuckerberg’s Wealth Grew $84 Billion in 2023 as Pedophiles Target Children on Facebook, Instagram

    February 2, 2024
  • More
    • Sports
    • Entertainment
    • Lifestyle
Patriot Now NewsPatriot Now News
Home»Finance»China is rolling out the red carpet to attract foreign executives
Finance

China is rolling out the red carpet to attract foreign executives

March 3, 2023No Comments5 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
China is rolling out the red carpet to attract foreign executives
Share
Facebook Twitter LinkedIn Pinterest Email

Pictured here is a Foxconn factory in Zhengzhou city on Sept. 4, 2021.

Vcg | Visual China Group | Getty Images

BEIJING — China is pulling out all the stops to keep multinationals like Apple and its supplier Foxconn in the country.

Such efforts to attract foreign investment come as the pandemic and geopolitical tensions push companies to diversify their supply chains away from China.

For the first time in 25 years, the American Chamber of Commerce in China found that less than half the respondents to its annual survey ranked China as a top three investment priority. The number of companies which are considering or starting to relocate their manufacturing and sourcing outside of China rose by 10 percentage points from a year ago, the survey found.

The majority of respondents don’t plan to relocate their supply chains, the AmCham report said.

The survey was conducted last fall, and results hadn’t changed significantly since China ended its stringent Covid controls, AmCham said. China’s Commerce Ministry didn’t respond to a request for comment.

After such a drop in sentiment, China is working hard to keep foreign businesses investing — and supporting domestic growth. The Commerce Ministry said Thursday that for the first time, it would launch events for an “Invest in China Year.”

The 'action-reaction cycle' between the U.S. and China is a problem, professor says

In a sign of how hard local governments are trying to attract foreign dollars, top officials from Henan province in central China personally welcomed Foxconn Chairman Young Liu last week during his visit to his company’s factory there, the province announced.

See also  Mysterious Contracts With One Tech Firm Reveal The Pentagon’s Secret Deep-Sea Mission To Counter China

Foxconn operates the world’s largest iPhone manufacturing facility in Henan’s capital, Zhengzhou.

The party secretaries of both Zhengzhou city and Henan province met with Foxconn — along with the mayor and governor, state media said. In China, the ruling Chinese Communist Party takes the lead in decision making, and such high-level participation in the meeting with Foxconn indicates any matters discussed can be implemented more quickly.

During a Covid outbreak and subsequent lockdown last year, Foxconn’s factory in Zhengzhou became a hotspot of attention when some of its roughly 200,000 workers decided to leave and walk home.

Apple later said the Zhengzhou factory disruptions would delay deliveries of some iPhone 14 models.

China ended its stringent Covid controls in December. By February, Foxconn’s Zhengzhou factory was producing at full capacity, with staff working two shifts to meet high client demand, factory manager Wang Xue told local media.

Foxconn confirmed its chairman visited Henan and planned to collaborate with the local government on projects. But the company did not share details on those investment plans, or whether they have any intention to shift production out of China.

China says other companies are coming

China is eager to play up how other multinationals are interested in local business opportunities, especially now that international borders have reopened.

Senior executives from Apple, Pfizer and Mercedes-Benz are among those wanting to visit China to discuss business, the Ministry of Commerce spokesperson said at a press conference last week.

The spokesperson noted there are dozens of multinational corporates talking to the ministry about such high-level visits.

See also  3M Rallies, Is Disney For Sale?

Mercedes-Benz confirmed to CNBC its CEO Ola Kallenius is planning to visit China. Pfizer had no comment. Apple did not respond to a request for comment.

Overseas marketing tour

China is also visiting potential investors in their home countries.

After a top government meeting in December called for greater efforts to attract foreign capital, many government-led groups have traveled abroad to make sales pitches for China.

Wang Jinxia, deputy director of Qianhai — an economic development zone in Shenzhen — led a group to Dubai, Singapore and London in February to drum up investment interest.

He described the visits as achieving “remarkable results” — but did not elaborate. He also noted “serious challenges” to attracting foreign investment. Those include unfair competition with local players in China due to industrial policies, lack of legal protection for foreign business in China and geopolitical risks, Wang said.

The Biden administration has increased restrictions on U.S. business with China, such as curbs announced last year on U.S. businesses and individuals working with Chinese partners on the most advanced semiconductors.

It’s not clear to what extent other restrictions will be announced.

Read more about China from CNBC Pro

To be clear, international investment is still coming into China at a steady clip.

Foreign direct investment rose by 14.5% in January from a year ago to 127.69 billion yuan ($18.39 billion), according to China’s Ministry of Commerce. That’s faster than the 6.3% increase for all of 2022.

South Korea, Germany and the U.K. were the largest sources of such foreign investment in 2022, the ministry said, without mentioning the U.S.

See also  American Shareholders Of TikTok Parent Silent On National Security, China Concerns

For a Chinese region such as Henan, keeping or growing investment from foreign businesses is a lifeline. Official data showed that in 2019, Foxconn’s iPhone factory accounted for 84% of the entire province’s exports.

China’s Commerce Minister Wang Wentao on Thursday made a relatively rare public acknowledgement of foreign businesses’ longstanding complaints about government procurement policies that favor local Chinese businesses.

Addressing those issues are “priorities for our work,” he said in Mandarin, translated by CNBC. “We will study and introduce policies and measures together with relevant departments to ensure foreign businesses’ equal participation.”

attract carpet China executives Foreign Red rolling
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Trump’s Tariffs Trigger Turmoil In China As Country’s Economic Tailspin Intensifies Per New Data

May 6, 2025

American Manufacturers Overwhelmed With Orders After Trump’s Tariff Crackdown On China

May 5, 2025

Trump Closes Tariff Loophole That Let China Flood America With Knockoff Goods, Drugs

May 2, 2025

China Erupts: Furious Workers Riot As Factories Collapse Under Trump’s Tariffs

May 1, 2025
Add A Comment

Leave A Reply Cancel Reply

Top Posts

No Return to Politics, But Crusade Against Cashless Society, Says Farage

July 29, 2023

Palo Alto, 3M, Target and more

June 5, 2023

Blinken Asks For China’s And India’s Help To Stop Russian Nuclear Space Weapon: REPORT

February 17, 2024

Video shows climate activists crying and screaming as Nevada tribal cops destroy blockade on road to Burning Man festival

August 29, 2023
Don't Miss

Trump Announces First Post-Tariff Trade Deal

Business May 8, 2025

President Donald Trump announced Thursday the U.S. has reached a trade agreement with the U.K.,…

100 Funny Father’s Day Quotes for Hilariously Relatable Humor (and Plenty of Love Too)

May 8, 2025

Top 10 Benefits Of Acupuncture

May 8, 2025

Electric Vehicle Sales Nosedive As GOP Takes Buzzsaw To Biden’s Mandate

May 7, 2025
About
About

This is your World, Tech, Health, Entertainment and Sports website. We provide the latest breaking news straight from the News industry.

We're social. Connect with us:

Facebook Twitter Instagram Pinterest
Categories
  • Business (4,110)
  • Entertainment (4,220)
  • Finance (3,202)
  • Health (1,938)
  • Lifestyle (1,626)
  • Politics (3,084)
  • Sports (4,036)
  • Tech (2,006)
  • Uncategorized (4)
  • World (3,944)
Our Picks

Boy Demands Apple Reform ‘Offensive, Insulting’ Nerd Face Emoji

December 4, 2023

Children Subjected To Racism Are At A Higher Risk Of Becoming Obese

July 17, 2023

Goldfish Changes Name To Seem ‘More Adult’

October 23, 2024
Popular Posts

Trump Announces First Post-Tariff Trade Deal

May 8, 2025

100 Funny Father’s Day Quotes for Hilariously Relatable Humor (and Plenty of Love Too)

May 8, 2025

Top 10 Benefits Of Acupuncture

May 8, 2025
© 2025 Patriotnownews.com - All rights reserved.
  • Contact
  • Privacy Policy
  • Terms & Conditions

Type above and press Enter to search. Press Esc to cancel.