China’s efforts to facilitate foreign investment boost confidence among some multinationals

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(Global Times) 08:19, March 14, 2025

On Monday, Chinese Commerce Minister Wang Wentao met with Bristol Myers Squibb (BMS) Board Chair and CEO Christopher Boerner, who reaffirmed the company's 40-year commitment to improving healthcare in China.

Boerner said the company is committed to expanding BMS's investment in China and deepening collaboration with local Chinese partners under the principle of 'in China, for China, for the world,' ensuring stable, high-quality products and services for Chinese consumers.

In a separate meeting, Hemione Hudson, Chairman and CEO of PricewaterhouseCoopers (PwC), told China's Vice Minister of Commerce Ling Ji that China's action plan on stabilizing foreign investment has bolstered the confidence of global investors.

Hudson reaffirmed PwC's commitment to leveraging its global network and expertise to help attract more international capital to China while supporting Chinese businesses looking to invest in the UK.

Last month, China issued the 2025 Action Plan for Stabilizing Foreign Investment, putting forward 20 new measures on expanding self-initiated opening-up in an orderly manner and improving the level of investment promotion, Mao said.

It is put forward clearly in this year's Government Work Report that we will ensure national treatment for foreign-funded enterprises in fields such as access to production factors, license application, standards setting, and government procurement, thus enabling foreign-funded enterprises to achieve even greater business success in China, Mao added.

In line with this commitment, the People's Bank of China (PBC) and the State Administration of Foreign Exchange announced on Thursday the expansion of pilot policies for integrated RMB and foreign cash pooling in selected Chinese provinces and cities, including Tianjin, Hebei, Fujian, and Shandong.

The move enhances cross-border fund flexibility, allowing companies to manage RMB and foreign currencies through domestic main accounts and set their own external debt and overseas lending ratios under the macro-prudential principle, according to PBC's official website.

The central bank and the State Administration of Foreign Exchange will intensify efforts to promote institutional opening-up, expand cross-border fund management, and enhance trade and investment facilitation to support high-quality economic growth.

(Web editor: Tian Yi, Zhong Wenxing)