BEIJING, December 2 (TMTPOST) – Tao Jingzhou, an independent arbitrator of the Arbitration Chambers, noted on Saturday that China should continue to serve as the world’s factory.
He made the comments at the three-day annual T-EDGE Conference that focuses on innovation, artificial intelligence and globalization.
China needs foreign companies to choose it as their site of production, he noted. The migration of foreign-invested factories from China to Southeastern Asia due to rising labor costs and supply chain shifts should be avoided, he told an audience of entrepreneurs, innovators and investors.
He also stressed the significance of following the WTO principle of transparency for China as a WTO member.
“If there are laws and regulations but they are not enforceable or there are uncertainties about the applicability of a law, their willingness to invest would be affected negatively,” said Tao, who is also a member of the International Commercial Expert Committee of the Supreme People’s Court of China.
If information is transparent to foreign investors, suggestions from foreign investors are taken and ensure a transparent and open environment for investments, then a favorable environment will be fostered.