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China says it's open for business, sidesteps US 'uninvestible' comment

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SHANGHAI: China on Wednesday (Aug 30) defended its business practices after US Commerce Secretary Gina Raimondo said American firms had told her it had become 'uninvestible', highlighting a trend of global investors

, highlighting a trend of global investors turning away from assets in the world's second-largest economy.

"China is actively advancing its high-level opening-up and making efforts to provide a world-class, market-oriented business environment governed by a sound legal framework," he said."China will only open its doors even wider to the outside world."US seeking more 'predictable' business environment in China

Asked what her message was to US business in China, Raimondo said:"The message is to continue to do what you're doing. We want you here investing, growing." He also raised similar concerns to Raimondo about China's business environment, including ambiguous regulations and security issues. "Certain actions, including raids on companies and restricting data flows, are not conducive to attracting additional FDI," Hart said.Raimondo said American firms are facing new challenges, among them"exorbitant fines without any explanation, revisions to the counterespionage law, which are unclear and sending shockwaves through the US community; raids on businesses – a whole new level of challenge and we need that to be addressed.

 

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