Xi says China needs to protect rights and intellectual property of foreign companies

Xi says China needs to protect rights and intellectual property of foreign companies

Chinese leader Xi Jinping has ordered stronger protections for the rights and intellectual property of international companies, state media reported on Tuesday, as the Chinese government seeks to attract foreign companies fearful of repression and an economic downturn.

U.S. and European companies in China find it harder than ever to do business as geopolitics, anti-espionage laws, raids on multinational companies, and preferential treatment for domestic competitors weigh on morale. It states that it has become.

But the Chinese government is now showing signs of trying to lure foreign companies back.

In a written speech at this month’s APEC summit, President Xi urged companies to invest and promised “heart-warming” measures to “make it easier for foreign companies to invest and operate in China.”

And according to state broadcaster CCTV, the country’s highest decision-making body, the Politburo of the Communist Party of China, said at a Monday meeting that China must ensure “comprehensive, open and transparent” legal treatment of foreign corporations. Ta.

He said China’s legal system needs to “strengthen the protection of intellectual property rights” and “protect the legitimate rights and interests of foreign companies.”

Xi said the Chinese government needs to “build a market-oriented, legal and international first-class business environment.”

Foreign entrepreneurs have long complained of vague and arbitrary regulations in China, chief among them intellectual property theft, an issue that U.S. officials raised during a trip to China this year. did.

Business lobbies in the United States and Europe warned in September that foreign business confidence in China was at its lowest level in years, as slowing growth and geopolitical tensions hit investment prospects. .

But the business lobby sees signs that the situation is improving following increased engagement between the US and China and a meeting between Mr Xi and President Joe Biden this month.

Source: guardian.ng

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