Mayor Ying meets L'Oreal CEO
Shanghai Mayor Ying Yong met Jean Paul Agon, chairman and CEO of L’Oreal, the world’s largest cosmetics producer, and his delegation on Tuesday.
Ying said China is preparing a new round of opening-up and reforms. The recently-approved “Foreign Investment Law” specifies that pre-establishment national treatment and negative list will be applied to foreign investors.
The city will create a stable, transparent, and fair market environment to protect foreign investors’ legal rights. A large-scale tax reduction has been promoted nationwide in recent years to stimulate vitality of micro entities in the market.
As China’s biggest economic center, Shanghai will keep reducing tax and optimizing its business environment to attract more foreign investors, the mayor added.
Agon said the enabling policies that China has introduced for foreign companies such as L’Oreal have helped them achieve rapid development. L’Oreal has great faith in Shanghai’s business environment and its market potential, and will continue to provide Chinese consumers with quality products.