Chinese vice president meets Royal Philips CEO

Chinese Vice President Han Zheng met with Royal Philips CEO Roy Jakobs in Beijing on Tuesday.

At the meeting, Han said that the current international development environment is undergoing complex and profound changes, with increased uncertainty and instability.

Noting that both China and the Netherlands are open economies that advocate, promote and benefit from economic globalization, Han said that China has always been committed to building an open global economy and promoting China-Netherlands and China-EU economic and trade cooperation with high-level opening-up, which will create new development opportunities for multinational companies.

Philips is welcome to continue exploring China's market in an in-depth way, expanding its research and development investment in the country, and playing a positive role in promoting sound development of China-EU economic and trade cooperation, said the Chinese vice president.

Noting that he was encouraged by Chinese President Xi Jinping's important speech at a meeting with representatives of the international business community last week, Jakobs said Philips is optimistic about the prospects of China's economic development and market opportunities.

Philips will continue to adhere to the long-term development strategy in China and promote exchanges and cooperation between the Netherlands and China, he said.

The central parity rate of the Chinese currency renminbi, or the yuan, weakened 22 pips to 6.8397 against the U.S. dollar Wednesday, according to the China Foreign Exchange Trade System.

In China's spot foreign exchange market, the yuan is allowed to rise or fall by 2 percent from the central parity rate each trading day.

The central parity rate of the yuan against the U.S. dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.