China is struggling to revive foreign investment in its financially battered cities and provinces as foreign firms remain wary of political risks and new incentives fall far short of sweeteners once used to attract overseas money.
However, foreign industry executives and lobbyists say the incentives many local governments now offer are far less attractive than they were a decade ago, when companies could easily win subsidies or free land use and the regulatory environment seemed more predictable.
The charm offensive contrasts with Beijing's more hawkish overtures about dominance in supply chains and President Xi Jinping's increasedDollar-denominated foreign direct investment fell 5.6% in January-May from the same period last year, despite the end of strict COVID curbs, as the post-pandemic recovery in the world's second-largest economy faltered.
" are not worth engaging our finance team over, it's public affairs work, as it's a conversation we're having with the local government, but it's not going to affect the company's investment or operational decisions," said one of the executives. Many foreign companies have expressed concerns over the changing business environment in China, which in recent years has been marked by a crackdown on consultancies affecting how investors can perform due diligence, as well as new data and anti-espionage laws.
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