The National Committee of the Chinese People's Political Consultative Conference (CPPCC), China's top advisory body, hosted a meeting with representatives of international businesses in Beijing on Friday to build a broader consensus.
Political advisors said China appreciates multinational corporations' long-standing contributions to its economy.
"The 14th CPPCC National Committee has thoroughly studied and implemented Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, earnestly implemented decisions and plans of the 20th National Congress of the CPC. We will focus on our central tasks, serve the overall develoment strategy, and actively engage in consultation and deliberation of state affairs," said Wang Dongfeng, vice chairman and secretary-general of the CPPCC National Committee.
The international business representatives said they remained upbeat about the future potential of the Chinese market.
"I think it was a great platform today to meet important stakeholder groups in China and to discuss some of the issues that are of concern related, in particular, from our vantage point, the conditions for foreign businesses to continue to develop and invest here in China," said Jens Eskelund, president of European Union Chamber of Commerce in China.
"I think also by just listening to many of the speech from the MNCs (multinational corporations) and foreign chambers, I think they continue to have confidence in the market. The market is challenging and tough, just like all markets around the globe. But the market in China is for the world and it's open for business. From the unlimited possibilities with the consumer market, and a very complete industrial supply side and our labor force is very strong and very productive. And our research and development continue to fill that market. So I think people, relatively speaking, are having that confidence into the future in our markets," said Jiang Ying, chair of Deloitte China and also a member of 14th CPPCC National Committee.
CPPCC consults with foreign business representatives for consensus buildup
The Chinese Small and Medium-Sized Enterprises (SMEs) Development Index edged up 0.1 point to 89.4 in April from last month, indicating that the SMEs nationwide generally saw an upward development trend in post-pandemic recovery, according to industry data released on Thursday.
The index, based on a survey of 3,000 SMEs in eight major industrial sectors, has maintained expansion for two consecutive months and reached a record high since September 2023, data from the China Association of Small and Medium Enterprises (CASME) showed.
The improvement in the index has been bolstered by the unremitting efforts made by SMEs in improving their operational capacity, said Ma Bin, executive vice-president of the association.
"In the first four months of this year, the Small and Medium-Sized Enterprises Development Index generally showed an upward trend. The SMEs saw a sustained recovery in production, accompanied by a consistent rise in their operational capacity. In April, nearly 70 percent of the SMEs achieved an operating rate of over 75 percent, marking a significant increase compared to previous years. Notably, in April, the Small and Medium-Sized Enterprises Development Index hit a new high since September 2023," Ma explained.
According to the survey by the CASME, in April, thanks to stimulus policies such as trade-in programs for consumer goods, the country's consumption potential was gradually unfolded, and market expectations for small and medium-sized enterprises improved.
"Various regions have introduced implementation plans and operational guidelines for trade-in programs targeting consumer goods, automobiles, and other products. Various subsidies and incentives have encouraged consumers to participate in trade-in purchases, resulting in an increase in trade-in orders and an improvement in the production and sales of small and medium-sized enterprises. Unlike previous instances where the index primarily rose due to industrial growth, the increase of the index in April was mainly driven by the recovery of the service industry. This indicates that the recovery of the service sector is becoming an important factor driving recovery of the Small and Medium-Sized Enterprises Development Index," Mar noted.
China's SMEs report improved performance in April
