Made in China 2025 action plan to benefit entire region: Li Keqiang

BEIJING, March 27 (INP): Premier Li Keqiang says that China will continue to promote its reform and opening up drive and improve the investment environment for foreign companies.

Li Keqiang made the remarks while meeting with a group of chief executives from Fortune 500 companies and scholars, who attended the China Development Forum in Beijing.

“This year marks the 40th anniversary of China’s ‘Opening up and Reform’ policy. China’s doors to the outside will open wider. This not only suits its own development interests but also is conducive to free trade and facilitating healthy globalization. We are willing to borrow advanced technology and management know-how from other countries, and expand cooperation in production, knowledge, technology, services and other areas,” said Li.

Regarding the ongoing trade frictions between China and the US, the Premier reiterated China’s stance that no one would win from a trade war and that only negotiations could help reduce tensions.

“The international community should together safeguard the multilateral trading system and oppose protectionism and unilateralism. There is no winner in a trade war. Regarding the trade imbalance between the two countries, China and the US should maintain a pragmatic and sensible attitude, actively reduce trade imbalance and negotiate to reduce trade frictions; otherwise, it would hurt both countries and the rest of the world,” said Li.
Responding to questions related to the “Made in China 2025” action plan, Li Keqiang said domestic and foreign companies will be treated equally.

“‘Made in China 2025’ will be carried out in an open environment, and we will give equal treatment both domestic and foreign companies. Foreign companies will not be forced to have their technologies transferred into China. China will strengthen the protection of intellectual property rights,” said Li.

US company Apple was among those represented at the forum. Apple CEO Tim Cook said that he welcomed China’s further development and opening up.

“Premier Li, we thank you very much for spending time with us. I really appreciate your candid and frank comments about all the subjects raised. I know that this year marks the 40th anniversary of the opening and reform of the Chinese economy. And I think I can speak for everybody here, to say that we are all looking forward to more opening as the years go on,” said Cook.

The China Development Forum, organized by the Development Research Center of the State Council, is a high-level meeting that gathers leaders from international institutions, academia and companies worldwide.