China needs to make good on its own repeated calls to open up its markets, or face consequences, warned the European Union Chamber of Commerce in China. In recent years, China has publicly avowed to do so, with President Xi Jinping making speeches on openness and globalization. In January, China’s State Council released a document on measures to promote fair, open markets and to attract more foreign investment. But critics say China’s many words have few actions behind them. “We don’t know if China will implement its promises. As business people we have to be accountable for our business today, we can’t build our future plans on only dreams,” Mats Harborn, president of the EU Chamber of Commerce in China, told CNBC. “We need to have tangible measures from the Chinese state to show that China is going down the path of more openness.” European business “is suffering from accumulated ‘promise fatigue,’ having witnessed a litany of assurances over recent years that never quite materialized,” the EU Chamber wrote in its latest paper. “It appears that in many areas, China is no longer opening up, but selectively closing up.” Foreign firms have long complained of an uneven playing field and… Read full this story
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