Signs of relief for AstraZeneca as China courts foreign investors
Ralph Jennings in Hong Kong and Ji Siqi in Beijing Published: 4:10pm, 21 Feb 2025
British-Swedish pharmaceutical giant AstraZeneca endured a torrid time in China last year, as it underwent several investigations and saw one of its senior executives detained by authorities.
But there are signs the company may be on the road to redemption amid Beijing's push to attract foreign investment and boost confidence in the private sector.
On Thursday, an official from China's Ministry of Industry and Information Technology (MIIT) singled out AstraZeneca's new small-molecule drug factory as an example of a successful foreign investment in China from 2024 during a news conference. The comment came a day after the Chinese government unveiled a 20-point action plan to boost foreign investment , which included pledges to make it easier for foreign drug makers to launch innovative drugs and participate in public procurement processes.
Earlier this month, AstraZeneca was quoted as saying it could face a fine of US$4.5 million over suspected unpaid import taxes in China, with some interpreting this as an indication that China's investigations into the firm are winding down.
AstraZeneca's global media office was not available on Friday for comment.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
RTHK
an hour ago
- RTHK
China, US agree on trade framework after talks
China, US agree on trade framework after talks Vice Premier He Lifeng and US Secretary of Treasury Scott Bessent pose for photos on Monday during trade discussions in London. Photo: AFP Top officials from China and the United States said on Tuesday that they had agreed on a framework to move forward on trade, following two days of high-level talks in London. Speaking to reporters, China's international trade representative and vice minister of commerce, Li Chenggang said: "Our communication has been very professional, rational, in-depth and candid." "The two sides have, in principle, reached a framework for implementing the consensus reached by the two heads of state during the phone call on June 5th and the consensus reached at the Geneva meeting," Li told reporters. Li expressed hope that progress made in London would help boost trust on both sides. He was speaking following the first meeting of the China-US economic and trade consultation mechanism held in London. Vice Premier He Lifeng headed his country's team in London, which included Li and Commerce Minister Wang Wentao. Both sides do not yet have another gathering scheduled. In a separate briefing, US Commerce Secretary Howard Lutnick told reporters that the framework puts "meat on the bones" of a deal reached last month in Geneva. "We have reached a framework to implement the Geneva consensus and the call between the two presidents," Lutnick said. "The idea is we're going to go back and speak to President Trump and make sure he approves it. They're going to go back and speak to President Xi and make sure he approves it, and if that is approved, we will then implement the framework." US Treasury Secretary Scott Bessent, who led the US delegation with Lutnick and US Trade Representative Jamieson Greer, left early to return to Washington for testimony before Congress. China is also in talks with partners including Japan and South Korea to try to build a united front countering US President Donald Trump's tariffs. (Agencies)
RTHK
5 hours ago
- RTHK
US stocks advance as China trade talks continue
US stocks advance as China trade talks continue All three major indices on Wall Street edged up on Tuesday. Photo: AFP Wall Street stocks advanced on Tuesday as markets hoped for progress in US-China trade talks while digesting the World Bank's lowered economic growth forecast. A second day of high-level talks between the United States and China in London stretched into the evening on Tuesday without any concrete announcement. The Dow Jones finished up 0.3 percent at 42,866. The S&P 500 climbed 0.6 percent to 6,038, while the Nasdaq also gained 0.6 percent to 19,715. The negotiations aim to keep the world's biggest two economies on course for an accord after each side earlier this spring imposed draconian tariffs on each other. Citing trade tensions and the resulting policy uncertainty, the World Bank lowered its 2025 projection for global GDP growth to 2.3 percent in its latest economic prospects report, down from 2.7 percent expected in January. (AFP)
South China Morning Post
5 hours ago
- South China Morning Post
Lutnick says US-China trade talks could spill into a third day
US Commerce Secretary Howard Lutnick said trade talks with China – under way in London since Monday – may spill into a third day, and suggested that the two sides are making progress. Advertisement 'We're working on all sorts of trade issues, and I think the talks are going really, really well,' he told reporters gathered outside Lancaster House, the UK government mansion where the talks are taking place. 'We're … spending time and effort and energy. Everybody's got their head down, working closely through it,' he said close to 8pm local time. 'I hope they end this evening, but if need be, we'll be here tomorrow.' The talks are the latest attempt to defuse tensions between the world's two largest economies over a slew of trade and technology issues, which remain at boiling point despite the two sides agreeing to a temporary deal to scale back tariffs on each other's goods last month. 05:05 Trump and Xi discuss Taiwan, troubled US-China trade ties in call breaking stand-off Trump and Xi discuss Taiwan, troubled US-China trade ties in call breaking stand-off The meeting in London comes just days after a phone call between President Xi Jinping and US President Donald Trump, during which the two leaders agreed to push forward with negotiations aimed at resolving their ongoing economic disputes. Advertisement China's delegation is led by Vice-Premier He Lifeng. Lutnick, US Treasury Scott Bessent and Trade Representative Jamieson Greer are leading the US side in what was described as 'the first meeting of the China-US economic and trade consultation mechanism'.
