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China’s central bank reassures likes of HSBC, Tesla amid investment exodus

EconomyChina Economy

China reassures assembled multinationals such as Tesla, HSBC as FDI and stocks dip

Meeting held to assuage major players as downward trends continue in key metricsForeign investment beginning to move elsewhere, with Southeast Asia an increasingly attractive alternativeChina tradeMia NulimaimaitiPublished: 8:02pm, 19 Sep, 2023Why you can trust SCMP

In the aftermath of a massive sell-off in the A-share market and a spike in investor worries, China’s central bank brought in foreign banks and multinational firms for a meeting in which it pledged to “optimise” its policy support.

Companies invited to attend the Monday gathering included JPMorgan, HSBC, Deutsche Bank, Tesla and Schneider, all of which have a large presence in China.

The talk was convened just over a month after the State Council, the country’s cabinet, issued guidelines vowing to strengthen protections for foreign investors, including stronger enforcement of intellectual property rights and more streamlined pathways for expatriate employees to earn residency.

BlackRock loses confidence in Chinese stocks as property slump stokes losses

Echoing these priorities, People’s Bank of China governor Pan Gongsheng emphasised the need for a “market-oriented” and “law-based” environment in which businesses can thrive.

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