PRESIDENT Xi Jinping pledged to make it easier for foreigners to do business in China in highly-anticipated remarks delivered to a major summit, as corporate confidence wanes in the world’s second-largest economy.

The Chinese leader said his nation would create a “world-class business environment” and improve mechanisms for protecting the rights of international investors, in a written speech published on Thursday (Nov 16) at a CEO forum being held this week in California.

“We will also take more ‘heart-warming’ measures, such as improving the policies on entry and stay of foreign nationals in China and removing for them choke points in financial, medical, e-payment and other services,” he said. “All this is designed to make it easier for foreign companies to invest and operate in China.”

Foreign firms have been diversifying away from China amid a more challenging operating environment. Abrupt policy swings have wiped out sectors overnight, Covid controls closed borders for years, and increased national security curbs have put foreigners under suspicion. Geopolitical tensions have created turbulence, with the US placing trade curbs on its rival.

Enthusiasm for China has also been challenged by the nation’s patchy recovery from years of Covid controls, with growth dragged on by a lingering property crisis, record youth unemployment and flagging consumer confidence.

The comments mark Xi’s most direct discussion of the Chinese economy at the summit. His address to hundreds of executives on Wednesday night, and his meeting with US President Joe Biden earlier that day, focused on presenting China as a peaceful nation and easing tensions with Washington.

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China maintains a “negative list” of sectors foreign investors are restricted or banned from having a stake in, such as compulsory education, news organisations, and the exploration and mining of some metals.

Pledges to reduce that tally are nothing new. The government has revised the list down every year from 2017 till 2021, loosening curbs in industries such as securities, banking and car manufacturing.

The Asia-Pacific Economic Cooperation CEO summit announced on Thursday that Xi would not be able to attend the event in person, and would instead deliver written remarks. BLOOMBERG