Luigi Gambardella (L1), President of ChinaEU, Board Member Executive Board ETNO. [File photo]

Luigi Gambardella, President of ChinaEU, Board Member Executive Board ETNO, European Telecommunications Network Operators' Association

President Xi is expressing confidence on the future of the Chinese economy, which indeed is not declining. But it's growing at a slower pace. We should not forget that China is contributing to around 30 percent of global economic growth. It remains one of the major markets for many US companies. During his speech, Xi also mentioned that "as of August, 65,000 U.S. businesses were in China, investing some $76 billion USD in total". I believe the potential for foreign companies investing in China will only grow despite China's ambition to become a global investor. It needs to remain open to foreign ideas in order to become a global innovation power.

In certain sectors of the Chinese economy, extreme competition exists side by side with state control. China wants to boost innovation, yet the existing IP framework is not sophisticated enough to ensure the flourishing of innovative products and ideas. But the leaders know where to go. It knows that without reform, and without opening up the economy, China will encounter big problems. I am confident that China is committed to establishing an open and transparent market. They must improve IP protection and market access for foreign companies. The ongoing negotiations for US-China BIT, coupled by the ongoing discussions for the EU-China BIT, are good signs of commitment.