Name: Why Foreign Companies are Skeptical of China's New Openness | WSJ
Uploaded: 2019-11-08T10:29:38.000Z
Duration: 4 min 13 s
Description: Thousands of YouTube videos with English-Chinese subtitles! Now you can learn to understand native speakers, expand your vocabulary, and improve your pronunciation...

- [Ksenia] China has never been an easy game

Companies have complained about a tightly controlled market

and what they regard as protectionist regulations.

There have also been complaints about inadequate protection

- China, which is a first world country now,

We can't allow them to steal our technology.

With hopes for a partial deal on the horizon,

emphasizing its message that it's working hard

This is something foreign companies operating in China

but is this really going to change the game?

Starting next year, China pledges to put overseas companies

In January, a new law governing foreign investment kicks in.

to protect overseas companies' technology and know-how.

well, it does have a positive impact on US companies.

- [Ksenia] Jake Parker is a Senior Vice President

a lobby group of some 200 American companies

In October, the Council received a draft of the guidelines

from going through China's administrative review process.

- However, at least on IP, the draft does fall short

and clarifying the types of administrative groups

to which provisions of technology transfer apply.

- The banks and all of the financial services companies

will be very, very happy with what we've been able to get.

foreigners should be able to freely invest

if these implementations and liberalizations

lead to specific licenses for member companies

and a company being able to operate there.

- [Ksenia] These steps won't only level the playing field

but could also end up helping China achieve

Beijing wants to hit a target of doubling its GDP

That will not be an easy task with economic growth cooling

and a trade war stretching deep into a second year.

- Foreign investment remains an important mix

and they would like to ensure that foreign companies

- [Ksenia] While the new investment law is welcome,

analysts say these new business regulations

don't mean a shift away from China's direct investment

or looser control of its planned economic goals.

In late October, China set up a state backed fund

That's about $9 billion bigger than a similar fund

to make its key industries more self sufficient

China's new regulations promise a sweeping overhaul

- China is going to focus on the economic reform priorities

that make sense for their own domestic economy

and in many ways, those align with some of priorities

- [Ksenia] However, some companies are waiting to see

just how sincere Beijing is about opening up.

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Why Foreign Companies are Skeptical of China's New Openness | WSJ

stick

stretch

positive

attempt