China investment: Beijing hones in on biotech in fresh pitch to woo foreign business
- New 24-point list of guidelines covers areas of major focus where investors are likely to find opportunities, but vague promises could lead to more questions
- Relations between China and West said to be a growing concern among foreign firms and businesspeople, as ‘no one wants to invest in a market where they are seen in a poor light’
China has introduced fresh efforts to woo foreign investors, with assurances of bolstering R&D in the biotech industry and “fast-tracking” cross-border data flows.
The State Council, China’s cabinet, has renewed policies to facilitate investments, issuing business visas and offering tax incentives for foreign businesses with an aim to “improve the business environment for foreign investors and boost foreign direct investment” (FDI).
The 24-point list of guidelines, published on Sunday evening, includes the specific backing of investments in the biotech industry, highlighting it as “an area of major focus”.
“[We] encourage foreign investors to set up research and development (R&D) centres in China … and support their participation in major scientific research projects,” the document said, adding that clinical trials and product registrations for listed biopharmaceuticals outside the country would also be made more efficient.
The document was unveiled amid a series of attempts by Beijing to reinvigorate a sluggish national economy that is still struggling even though the year began with the lifting of pandemic restrictions.
