The European Union Chamber of Commerce (EUCCC), a lobby group for European businesses in China, called for equal market access for foreign investors as China transforms State-led investment model to a new one focusing on consumption and industrial upgrade.
The upcoming leadership transition provides the opportunity to enact much-needed reforms in the country's approach to foreign and domestic private investment, the EUCCC said Thursday at a press conference in Beijing to release its 13th annual European Business in China Position Paper 2012/2013.
The new development model which was already identified in China's 12th Five-Year Plan (2011-15) urgently requires equal access to markets, the EUCCC's report said.
"China is among 55 countries being regarded by the OECD (Organisation for Economic Co-operation and Development) as the place where regulatory restrictiveness is the highest," said Davide Cucino, president of the EUCCC, at the press conference.
In some specific sectors such as railway infrastructure construction only open to Chinese companies, even a joint venture cannot bid for a project, and the best chance for the JV is to become a supplier of the Chinese company which wins the bid, Cucino said.
Cucino noted it is not necessary for the foreign investment catalogue to exist any more.
News we recommend:
Diaoyu row hurts Japanese car sales in China
New Controls in the Making
Housing report notes rise in sales
The Price Goes Up and Up
Rail projects to spur economy
Finance vehicle loans to local govts up in H1
A Treasure Trove of Resources
Kai-Fu Lee, Citron battle heats up
Frictions Over Renewable Energy