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Wang Yang: Build a Fair, Transparent and Predictable Market Environment
2015/11/23

On November 22, 2015, Vice Premier Wang Yang attended the China-US CEO Roundtable with Secretary of Commerce Penny Pritzker and Trade Representative Michael Froman of the US when attending the 26th session of the China-US Joint Commission on Commerce and Trade in Guangzhou. The theme of the Roundtable is "Corporate Governance" and "Interaction Between Enterprises and Governments". More than 30 entrepreneurs from China and the US in various fields such as agriculture, manufacturing and service sectors were present.

Wang Yang spoke positively of the important role the enterprises from the two countries play in promoting the development of China-US economic and trade relations. He pointed out that since reform and opening up, there are basically two main lines for China to build the modern enterprise system, one of which is developing multiple non-public ownership economy and the other is continuously boosting reform of state-owned enterprises to establish the modern enterprise system. China's modern enterprise system building has not existed for a long time, but enjoys a fast progress. The western enterprise system has experienced development for hundreds of years, while China's enterprise system has experienced only a few decades. It is amazing that China's enterprise system has achieved the current outcomes. China's corporate governance reform should draw on the experience of the developed countries, proceed from the reality, and make choices and make innovations in accordance with China's national conditions, and should not just imitate or copy to accomplish in only one action.

Wang Yang stressed that, the Chinese government is devoted to building a fair, transparent and predictable market environment to promote the legalization, internationalization and facilitation of the business environment. China understands and will timely settle the concerns of foreign investors to transparency issues and listen attentively to the appeal of foreign enterprises while making policies; give adequate public comment period before the announcement of policies; actively adopt reasonable suggestions proposed by foreign-invested enterprises; respect and guarantee the rights of foreign-invested enterprises to applying for administrative review; and actively provide convenience of judicial remedies and lawyer services for foreign-invested enterprises. The Chinese enterprises hold overall positive opinions towards the investment environment in the US, but hope the US to remove obstacles in aspects such as visa application, financing, participating in infrastructure construction, and security review in merger and acquisition, and treat the Chinese enterprises especially the state-owned ones fairly and equally.

Penny Pritzker and Michael Frohman said that it is of great significance to adopting transparent and accountable government decision-making mechanisms as well as independent and transparent corporate governance. The US is glad to see that China deepens its reform and opening up, advances legal system building and strengthens innovation, and hopes that the governments and enterprises of the two countries strengthen interactions to promote US-China mutually beneficial cooperation in economy and trade for sustainable development.

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