Will hit investors' confidence: China
Chinese Embassy in India says frequent investigations by Indian authorities into Chinese enterprises ‘chill the confidence and willingness of market entities from other countries including those from China to invest in India
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New Delhi: As the Enforcement Directorate (ED) continued searches at the premises of Chinese companies in a money laundering case, Wang Xiaojian, counsellor and spokesperson from the Chinese Embassy in India, said the frequent investigations by Indian authorities into Chinese enterprises 'chill the confidence and willingness of market entities from other countries, including those from China to invest in India.'
Xiaojian said that the essence of China-India economic and trade cooperation is based on mutual benefit and win-win results.
"The Chinese government has always asked Chinese companies to comply with local laws and regulations in their overseas operations and will firmly support Chinese companies to maintain their legitimate rights and interests," Zhao said in a statement late on Wednesday.
"The Indian side should act in line with laws and regulations, and provide a fair and non-discriminatory business environment for Chinese firms," he added. As the ED raided 44 locations in 22 states on Tuesday and Wednesday, the directors of some of the companies associated with Vivo fled India.
According to sources, two of the Chinese directors of Solan, a Himachal Pradesh-based company, that was associated with Vivo, have likely fled India, as ED registered a prevention of money laundering case.
