Chinese President Xi Jinping meets Gabon's President Ali Bongo Ondimba (Photo : Getty Images)
In a press conference held in Beijing on Thursday, European Ambassador to China Hans Dietmar Schweisgut said that China's efforts in keeping an open economy are not sufficient.
He also urged the government to undertake concrete actions to ensure that European communities are granted with equal access to it.
Schweisgut elaborated that foreigners are prohibited from investing in industries such as airports and sports club in China while the latter's businesses have prospered in European nations.
"There is no level-playing field for investors," Schweisgut said.
"We are seeing a situation where Chinese investments abroad, particularly in Europe are booming, while European investment in China is stagnating or going down," the European ambassador added.
Schweisgut cited as examples the industries such as banking and financial services and car. These industries in China are restricted by its government, according to the ambassador. In contrast, these industries in Europe are "completely open" to foreign investors.
The statement made by the European ambassador was issued following the speech delivered by Chinese President Xi Jinping during the World Economic Forum held in Davos, Switzerland. The Chinese president, in his speech, defended globalization and free trade. The president also vowed to keep China's economy open.
In a report from Zee News India, however, analysts alleged China's promise to open its market to foreign investors has weakened during Xi's administration. Foreign investors have been complaining about China's greater restrictions. China's treatment of foreign investors and local investors has also been criticized.
Since 2012 when President Xi became the president, China has deviated from liberalization, granting more favors toward state-owned business, restricting more on free trading of ideas and information on the Web and in increasing its capital control.
The European communities, through Ambassador Schweisgut, are hoping that China will make good this time in opening its economy to foreign investors. Particularly, the ambassador is hopeful that President Xi's speech will translate into actions.
