China’s new premier, Li Qiang, has offered a hearty welcome to foreign companies in an effort to arrest a slump in business confidence that has exacerbated the country’s economic woe
s. Li, who was formally appointed earlier this month, met a group of global CEOs on the sidelines of the China Development Forum in Beijing on Monday, including Apple’s Tim Cook. “China will open its door wider and wider,” he told the executives, according to state broadcaster CCTV, urging them to “invest in China and take root in China.” “No matter how the international situation changes, China will unswervingly expand its opening up to the outside world,” he said.
The slowdown was caused, in part, by systemic issues that have haunted the economy for years, such as massive debt levels and a shrinking work force. But the problems have been exacerbated by the Communist Party’s erratic and draconian zero-Covid policy, which ended late last year, and a sweeping crackdown on private business. The measures have resulted in weak business confidence, a slump in investment and surging unemployment.
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