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.



Egypt's Net Foreign Assets Slid in October

A general view shows Tahrir Square in Cairo, Egypt July 13, 2020. (Reuters)
A general view shows Tahrir Square in Cairo, Egypt July 13, 2020. (Reuters)
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Egypt's Net Foreign Assets Slid in October

A general view shows Tahrir Square in Cairo, Egypt July 13, 2020. (Reuters)
A general view shows Tahrir Square in Cairo, Egypt July 13, 2020. (Reuters)

Egypt's net foreign assets (NFAs) dropped by $1.12 billion in October after a rise in September, central bank data shows.

NFAs declined to the equivalent of $9.21 billion at the end of October from $10.33 billion at the end of September, according to Reuters calculations based on the official central bank currency rates. The decline followed a $591 million gain in September.

Egypt had been using NFAs, which include foreign assets at both the central bank and commercial banks, to help to prop up its currency since as long ago as September 2021.

NFAs turned negative in February 2022 and only returned to positive territory in May this year.

Foreign assets rose at the central bank in October but dipped at commercial banks while foreign liabilities climbed at both commercial banks and the central bank.