China’s implementation of reforms is moving slowly and isn’t addressing the concerns of U.S. companies, a new report showed on Wednesday.
The U.S. China-Business Council’s latest assessment showed that efforts have had limited effects on U.S. businesses, which was mostly unchanged from the June level.
{mosads}Meanwhile, China’s senior government officials have spoken about economic reform since taking power in early 2013, with the message of “letting the market play a decisive role.”
While that policy idea “remains compelling” the slow speed of reform continues to “create uncertainty about whether policy changes will address the market access and level playing field concerns of USCBC members,” the report said.
Businesses are looking for progress on policies to reduce investment barriers, boost the role of the market in the economy, create a level playing field for foreign and domestic firms, and promote rule of law, greater transparency, and independent regulators.
The Third Plenum nearly a year ago detailed economic reform plans that including opening more areas to foreign and private investment, and changing how state-owned enterprise (SOE) are owned and operated.
While some new reform-related policies have been released since June, such as revisions to the Shanghai Free Trade Zone (Shanghai FTZ), little has emerged that would address “core issues of concern to foreign companies.”