China vows to treat foreign firms equally as it seeks more international investment

China pledged on Monday to treat foreign companies the same way as domestic peers in a bid to attract more foreign investment, cooperation and expertise, as Asia's largest economy moves to upgrade and strengthen its industrial chains.

"China will fully guarantee national treatment for foreign companies, so that more foreign companies can invest in China with confidence and peace of mind," Vice Commerce Minister Guo Tingting said at the China Development Forum in Beijing.

Guo did not give details about how China would guarantee "national treatment", or the equal treatment of locals and foreigners as per World Trade Organization (WTO) principles.

For years, Western firms have complained of unequal access in China, a vast consumer market and also global supplier of raw materials and components. Western governments have expressed concern about "economic coercion", and companies have considered "de-risking" supply chains and operations away from China.

China's introduction of a broader anti-espionage law, exit bans and raids on consultancies and due diligence firms have further chilled foreign fund inflows. Inbound foreign direct investment contracted 8% last year.

Geopolitical tension, most prominently with the United States on a range of issues including U.S. concern that U.S. chips and AI technology could be used to boost Chinese military capabilities, has also weighed on investor sentiment.

In response, China has stepped up efforts to address concerns of foreign investors, pledging to protect the rights of foreign companies and promising to further enlarge entry into its markets.

China will continue to open up high-level areas of industry and finance and create more market opportunities, and will firmly safeguard a multilateral