Ahead of signing the phase one trade deal, China is signaling to U.S. firms that it is open for business.
China’s appeal to American companies comes as the country suffers an economy that has been slowing over the past 21 months and businesses moving their supply chains out of the country, FOX Business’ Edward Lawrence reported.
It was standing room only in the hotel where the Chinese delegation is staying as business leaders lined up to meet China's vice-premier, Lawrence said.
The Chinese government wants JP Morgan to come into China to help set transparency standards and rules, JP Morgan Chase CEO Jamie Dimon told FOX Business’ Maria Bartiromo. The communist country is in need of “very good financial markets,” Dimon continued.
Phase one of the U.S.-China trade agreement will be signed on Wednesday and will be “a really good deal for the United States,” according to United States trade representative Robert Lighthizer.
In terms of intellectual property theft, the U.S. has no illusions about the communist nation’s history of misbehavior, Lighthizer suggested.
“We’re tough, hard people, and we expect them to live up to the letter of the law… We’ll bring cases. We’ll bring actions against them if they don’t, but for right now, this is a really, really big agreement—a huge step forward,” Lighthizer told FOX Business’ Lou Dobbs Monday.
Despite having a presence in China, large companies like Apple have expanded manufacturing in the U.S. to avoid tariffs, and China hopes to win back this American money, Lawrence reported.
American business leaders are primarily interested in what the Chinese delegation has to say about the industrial sector and general commerce, according to Lawrence.