Datadog went public on Thursday and instantly hit a $10 billion valuation, becoming the fourth cloud software debut to reach that level this year.Technologyread more
There are challenges with Iran, North Korea, the Afghan Taliban, Israel and the Palestinians — not to mention a number of trade pacts.Politicsread more
Blackstone Executive Vice Chairman Tony James says he's less optimistic now than before that the U.S.-China trade war could be resolved, but even a smaller deal could help...World Economyread more
In his new memoir, "The Ride of a Lifetime," Iger explains why he decided against the deal to buy Twitter.Technologyread more
In perhaps Buffett's first televised profile, he explained a method of investing that prioritizes bargains and makes use of an occasional baseball analogy.Marketsread more
The massive market transformation this month that some on Wall Street called a "once in a decade opportunity" might have just been a one-off technical move because of taxes.Marketsread more
A 58% majority of registered voters express unease about voting for Trump, but slightly more say the same about Joe Biden and Bernie Sanders, while Elizabeth Warren fares only...Politicsread more
A temporary airspace closure forced flights coming into Dubai from Australia, Singapore and India to be diverted to nearby airports.Airlinesread more
Schiff had previously shied away from calling for impeachment, but his comments on CNN's "State of the Union" indicate his stance has shifted.Politicsread more
As the home to major companies such as Garmin, Sprint, H&R Block and Russell Stover Chocolates, plenty of business travelers find themselves in Kansas City for work. Here's...Travelread more
The United States aims to avoid war with Iran and the additional troops ordered to be deployed in the Gulf region are for "deterrence and defense," U.S. Secretary of State...Politicsread more
DALIAN — Chinese Premier Li Keqiang on Tuesday pledged to an assembly of global business leaders and government representatives that Beijing will push to create an equal playing field in the country for all companies.
As American and Chinese negotiators begin a renewed push at a trade deal, that rhetoric appeared to address many of the U.S. complaints about unfair treatment for foreign firms that lie at the heart of the dispute. Still, the extent to which China's leadership will act on its promises of economic freedoms remains the important question.
"Right now we need to let state-owned enterprises, privately owned enterprises and foreign-invested companies, as long as they are registered in China, to be recognized as Chinese companies, all treated equally," Li said in his address at the World Economic Forum in Dalian, China.
Li gave the example of how China's plans for nearly 2 trillion yuan ($300 billion) in tax and fee cuts this year should be applied to all three categories of businesses, according to a CNBC translation of his Mandarin-language remarks.
American and other foreign companies have long complained that the Chinese government gives preferential treatment to home-grown businesses, especially conglomerates owned by the state. Despite claims of "reform and opening up" over the last four decades, Beijing has often required foreign companies to form joint ventures with Chinese entities — and allegedly coerced them to share valuable technology — in order to operate in the country. China's privately run businesses, which contribute to the majority of jobs and growth in China, have also complained of unequal access to financing compared with state-run enterprises.
Li did not comment or respond directly to a question on the U.S.-China trade tensions on Tuesday.
His remarks came on the heels of U.S. President Donald Trump's and Chinese President Xi Jinping's agreement this past weekend to proceed with trade talks. Negotiations had taken a turn for the worse in early May, but at their meeting on the sidelines of the G-20 meeting in Osaka, Japan, the two leaders said they would resume looking for a way forward.
"The business community wants a productive relationship with China," Charles Freeman, senior vice president for Asia at the U.S. Chamber of Commerce, said in a phone interview with CNBC on Monday. "We think that (a) good commercial relationship is fundamental to the health of the relationship. Overall, (regarding Saturday's temporary truce), it's a bit of a feel good, it's a little lack of detail. But we like the tenor."
Trade tensions between the world's two largest economies have lasted for more than a year. Both countries have levied tariffs on billions of dollars' worth of goods from the other. The U.S. has also put tech firm Huawei on a blacklist that effectively prevents American companies from selling to the Chinese telecommunications giant. Trump said Saturday he would consider allowing sales to the company, and said the U.S. would hold off on tariffs on Chinese goods.
In his remarks on Tuesday, Li laid out a list of ways in which he claimed China is opening or plans to open its economy to more foreign participation. Those included:
Li added during a Tuesday afternoon session with business executives and reporters that foreign-invested companies registered in China can also benefit from government measures to support local innovation. If the businesses find they are unable to take advantage of those policies, Li said the companies can file complaints.
During his Tuesday morning address, the Chinese leader did not emphasize economic challenges as much as he had to a domestic audience during the annual gathering of the National People's Congress in March. In front of the World Economic Forum, Li maintained that the country is on track to reach its target of between 6% and 6.5% in economic growth for the year. That would still fall below last year's 6.6% rate, which was itself the slowest growth since 1990.
On the economic policy front, Li said China will not engage in competitive devaluation of its currency, or flood its economy with extreme stimulus despite pressure on growth. Both of those potential actions had been a concern of markets and would have indicated significant fears of an economic slide among Beijing's decision makers.