Qualcomm Inc, the San Diego-based supplier of chip sets for smartphones, was fined US$975 million in February 2015 for breaching Chinese antitrust rules. That’s the highest fine in China’s corporate history, following a 14-month long investigation into Qualcomm’s anti-competition practices.
To the stick in China’s economic tool kit, Chinese premier Li Keqiang is offering carrots to neutralise any potentially hostile US policies, pledging to promote worldwide economic cooperation and defend global trade.
China will “forcefully optimise business environment for foreign investors,” lower the barriers to entry in services, manufacturing, mining and allow foreign companies to raise funds in China’s onshore equity and bond markets, Li said in his annual work report to the Chinese parliament.
Continuing the trend of deregulation and easing in red tape, China’s central government will give local authorities the mandate to offer their own preferential policies, subsidies and incentives to woo foreign investors, Li said.
“China’s doors will only open wider, and China will continue to be the most attractive destination for foreign investments,” the premier said.
