China Wants More Investment from French Firms, Xi Tells Macron

China's President Xi Jinping (L) arrives for the APEC Economic Leaders' Retreat, during the annual Asia-Pacific Economic Cooperation conference at the Moscone West Convention Center in San Francisco, California, USA, 17 November 2023. (EPA)
China's President Xi Jinping (L) arrives for the APEC Economic Leaders' Retreat, during the annual Asia-Pacific Economic Cooperation conference at the Moscone West Convention Center in San Francisco, California, USA, 17 November 2023. (EPA)
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China Wants More Investment from French Firms, Xi Tells Macron

China's President Xi Jinping (L) arrives for the APEC Economic Leaders' Retreat, during the annual Asia-Pacific Economic Cooperation conference at the Moscone West Convention Center in San Francisco, California, USA, 17 November 2023. (EPA)
China's President Xi Jinping (L) arrives for the APEC Economic Leaders' Retreat, during the annual Asia-Pacific Economic Cooperation conference at the Moscone West Convention Center in San Francisco, California, USA, 17 November 2023. (EPA)

China wants more French companies to invest in the country and hopes France will provide a fair business environment for Chinese firms, President Xi Jinping said on Monday, while France also called for fair rules for foreign companies in China.

Xi made the comments in a phone call with French President Emmanuel Macron, Chinese state television reported, seeking to strengthen ties with its European trading partner after Macron visited China in April.

China faces an electric vehicle subsidy investigation by the European Union and a looming probe into its steelmakers. Meanwhile, several European countries have complained about China's opaque laws and rules regarding foreign companies in the country.

"China is willing to maintain high-level exchanges with the French side," Xi said, adding that he welcomed more French products entering the Chinese market.

Macron's office said the opening of the Chinese market should go hand-in-hand with fair competition rules for foreign companies.

Asked whether France had made progress to counter Chinese plans to force French cosmetics companies to share manufacturing secrets with Chinese parties, a French presidential adviser said it was a major issue that Macron had raised himself.

"It's an important point for us, considering what's at stake for French companies," the adviser said.

Macron's office also said China had joined a French initiative called "Buildings Breakthrough" that sets a zero carbon emissions goal for the building sector for 2030.

Xi also said China was willing to strengthen cooperation with France at the United Nations and other multilateral institutions. China took over the presidency of the UN Security Council (UNSC) this month.

The leader of the world's second-largest economy also called on France to play a constructive role in promoting the positive development of China-EU relations, as ties have been strained over issues ranging from the EU's push to reduce supply chain reliance on China to the war in Ukraine.

"China and the European Union should remain partners for mutually beneficial cooperation," Xi said in the call.

The two leaders also exchanged views on the conflict in Gaza, and agreed that it was imperative to avoid a further deterioration of the situation, in particular an even more serious humanitarian crisis, state television reported.

The French presidential adviser said China, as a member of the UN Security Council, should contribute more to UNRWA, the UN Palestinian refugee agency than the $1 million it currently gives every year.

"We encourage the Chinese authorities to do much more," the adviser said.



Saudi National Program to Drive Growth of Mineral Sector

Prince Mohammed bin Salman chairs the Cabinet session in Jeddah (SPA)
Prince Mohammed bin Salman chairs the Cabinet session in Jeddah (SPA)
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Saudi National Program to Drive Growth of Mineral Sector

Prince Mohammed bin Salman chairs the Cabinet session in Jeddah (SPA)
Prince Mohammed bin Salman chairs the Cabinet session in Jeddah (SPA)

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef said that the National Minerals Program will be a strong and supportive tool to enhance the quality of supply chains, ensure continuity of supply to local industries and major projects, develop the country’s infrastructure, and achieve the goals of Vision 2030.

He noted that the program will play an effective role in advancing the growth of the sector and exploiting the mineral resources in the Kingdom.

On Tuesday, the Saudi Council of Ministers, chaired by Crown Prince Mohammed bin Salman, approved the establishment of the program within the Ministry of Industry and Mineral Resources, with the aim to raise the efficiency and adequacy of supply chains for current and future minerals, and enhancing their continuity in the region and the world, within the country’s efforts to maximize the value achieved from the sector.

Alkhorayef explained that the adoption of the program highlights the Saudi leadership’s endeavor to promote the sector.

He added that Saudi Arabia seeks to develop mineral value chains so that mining becomes the third pillar of the national industry, and to benefit from the Kingdom’s geographical location, which represents one of the most important major commercial intersections, supported by a wide base of advanced, integrated and diverse infrastructure.

The minister indicated that the program will work to fundamentally unify the main roles between the various parties, and fill the existing gaps to ensure the continuity of supply chains for minerals, as well as build local capabilities, contribute to exploration operations, and ensure the stability of supply to local industries and major projects.