Foreign business groups in China say the decision will stem the flow of foreign talent, though longstanding issues like market access and coronavirus-related travel restrictions are points of contention.
Beijing has made it clear that taxes are one of six key pillars in its “common prosperity” drive, a new initiative to reduce economic and social inequality.
Deputy foreign minister Xie Feng has met with influential members of the American business community to outline Beijing’s position on bilateral ties, while pledging to protect the interests of foreign firms.
President Xi Jinping says China’s push for technological independence ‘must not mean self-isolation’ and more effort is needed to lure top professionals in the fields of science and tech.
Since joining the World Trade Organization in 2001, China has changed from an agricultural backwater into the world’s second largest economy, but it faces new pressure from rising costs and tensions with the West.