In a bid to enhance US-China relations, Chinese Vice-Premier He Lifeng has urged for increased US investment during a meeting with Goldman Sachs president John Waldron on December 5, 2024. He emphasized the crucial role of US financial institutions in fostering cooperation between the two nations [c7b0fefb].
This call for investment comes as China seeks to improve its foreign direct investment (FDI) landscape, which has seen a significant decline. In the first ten months of 2024, China's FDI fell by 29.8% year-on-year, amounting to 693.21 billion yuan (approximately US$95.32 billion) [c7b0fefb]. Despite these challenges, He has engaged with executives from at least five multinational companies in the past month, signaling a proactive approach to attracting foreign capital [c7b0fefb].
On a related note, Sanofi recently announced a substantial investment of €1 billion (around US$1.05 billion) in a new insulin manufacturing facility in Beijing. This investment is part of Sanofi's strategy to expand its operations in China, addressing the needs of the country's 141 million diabetic patients [4de9cef9].
The backdrop of these developments includes ongoing concerns regarding competition from Chinese firms and uncertainties stemming from previous US administrations, which have affected foreign investment decisions in China [c7b0fefb]. As China continues to navigate these complexities, its efforts to attract US investment remain critical for bolstering its economy and enhancing international relations [c7b0fefb][4de9cef9].