Beijing, Dt.8 (Newsagency) – It has come to light that the Chinese economy and its market does not much attract the US and the European companies any more. Since China is not very keen on opening access to its economy or even its market, the Western companies have gradually started stepping out. This fact has been revealed in a report published by the European Union. At the same time, the United States Secretary of the Treasury, Jack Lew, and the US Secretary of State John Kerry too have raised this point in a strategic discussion with China.
Though a rapid growing economy through three decades, China now witnesses a slowdown. Many countries around the world have had to bear the brunt of this slowdown and so they have been insisting that China speed up its economic reforms. China however, does not seem to be taking convincing effort to keep its word, claim the European and US companies. .
The European Union’s ‘Chamber of Commerce in China’ has published an independent report named ‘Business Confidence Survey 2016’. In this report, the European companies that are members of ‘Chamber of Commerce in China’ complained that the pace of economic growth in China has slowed down.. A majority of the companies express that they would be willing to invest in China on condition that China introduces proper reforms and gives freedom to access its market.
Around 56% of the European companies operating in China have expressed their discontent saying that doing business in China has become difficult. Whereas 41% companies assert that they are compelled to re- consider their probable investments or expansion in China. 70% of the European companies which were part of the survey, regretted that China does not welcome them like it used to 10 years ago.
While this report about the European companies was being published, the American delegation that was on a visit to China put forth a more or less similar complaint. Sources reported that while discussing with the Chinese Ministers and officials, Jacob Lew and the US Secretary of State John Kerry emphasized the point of the economic reforms in China. The United States Secretary of Treasury, Jacob Lew, openly commented that the business environment in China was becoming a cause of growing concern.. Lew also brought to notice that the US companies were not much in favour of entering China..
The US Secretary of State John Kerry expressed the need to work on the points/issues like Intellectual Property Rights, Transparency and Responsibility. Also, he expressed disapproval of relating to foreign nongovernmental organizations, business groups and universities as they made work difficult..
A few days back, China was reported to be investigating big American companies that had to do with sectors like Information Technology and Mobile phones. It was alleged that the Chinese authorities were interrogating officers of these companies which seemed to prompt these companies to back out of China.
These claims concur with the report of European Union and the statements of American ministers. So, that some multinational companies may opt for curtailing their business in China, will be seen as a distinct possibility, which fact will prove detrimental to the Chinese economy..
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