China Aims to Attract Western Companies with Pledges of Financial Industry Opening

China is making efforts to attract Western companies by promising further opening of its financial industry and creating a more favorable environment as it faces a sharp decline in foreign investment amid economic challenges. A symposium chaired by Pan Gongsheng, Governor of the People’s Bank of China and head of the foreign exchange regulator, included representatives from companies like JP Morgan, Tesla, HSBC, Deutsche Bank, BNP Paribas, MUFG Bank, BASF, Trafigura, and Schneider Electric.

The aim of the symposium was to “increase financial support to help stabilize foreign trade and foreign investment” and enhance the “investment environment” for foreign businesses. China’s foreign direct investment (FDI) fell 5.1% in the first eight months of the year, reflecting growing concerns about economic risks and geopolitical tensions.