China to strengthen economic globalization

Policy support issues would be simple to handle as there are clearly specified policies regarding taxation and market access. If violations do occur, we will be able to swiftly get to the bottom of the issues. And we encourage foreign investors to boost their innovation activities in China, for example, setting up R&D centers and innovation platforms.

Cooperation in innovation should be open, and the development of innovation needs an open environment. China will continue to foster such an enabling environment. To this end, we must more stringently protect intellectual property rights. No forced transfer of technology will be allowed. Business cooperation in technology should be based on mutual agreement. And companies should get their due share of benefits in this process. Last year, royalty payments by Chinese companies for the use of intellectual property rights increased by more than 20 percent year on year.

Jessica Tan, Co-CEO of Ping An Group: I would like to ask a question about openness of the financial sector on behalf of the international financial industry attending the Annual Meeting. You mentioned this morning that China will continue to open up its financial services industry, in fact, faster than expected in 2020. On the one hand we see the restrictions on various foreign investments in banking, insurance, and securities are being lifted and these sectors are increasingly open. On the other hand, we also see the liberalization of the financial service sector internally being promoted, particularly on private investments. However, there have been some internet finance companies who have done some wrongdoings, leading to significant losses for investors, many of them small ones. So how would China strengthen the financial services regulation, particularly protecting the interests of investors both at home and overseas?

Premier Li: In order to protect the interests of investors at home and abroad and the rights and interests of consumers, the Chinese government has intensified fair and impartial regulation in the broader context of ensuring financial stability. Despite the new downward pressure on the economy, the Chinese government has not resorted to excessive money supply. We have pursued a prudent monetary policy and kept the RMB exchange rate basically stable at an adaptive and equilibrium level. This is to prevent speculation and protect the lawful rights and interests of investors and consumers. More importantly, this is aimed to maintain the steady growth of the economy and provide positive expectations for the market and businesses.