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End Of Economic Racism In China? Communist Government Promises To Treat State, Private And Foreign Firms Equally
- The Chinese government has released a new set of regulations that will apply equally to all foreign, private Chinese companies and state-owned enterprises, without discrimination, reports Mint.
- “All market players including state-owned firms, private companies, mixed-ownership enterprises and foreign firms will be treated equally despite their size or other differences,” said Xu Shanchang, a director with the National Development and Reform Commission (NDRC).
- According to a note released by the National Development and Reform Commission (NDRC) and the Chinese Ministry of Commerce, all companies will be ‘equally’ allowed to enter sectors which are not part of the negative list.
- The ‘negative list’ contains four types of banned businesses, along with 147 categories which require government permits. The new rules will be effective immediately.
- “While it is a common practice for countries to take a negative-list approach regarding foreign investment, the negative list for market access involving all market players is a major institutional innovation,” stated Xinhua, a state news agency of China.
- This development comes in the backdrop of the truce negotiated by China and the US that called for a ceasefire on their trade war and work towards a middle ground. The US president, Donald Trump, has repeatedly accused China of deliberately favouring its state firms at the expense of foreign companies.
- Also Read: In Trade War, US Trumps China – And A Lesson In It For India
Chinese President Xi Jinping (Feng Li/Getty Images)
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