Signs of relief for AstraZeneca as China courts foreign investors
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.
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