China’s unwavering efforts to deepen reform and opening-up are set to provide more business opportunities to foreign investors and contribute further to world economic recovery, according to experts and business leaders.
Their comments came after the country’s top economic planner announced on Thursday that China will further shorten the negative list for foreign investment this year, as part of ongoing efforts to continuously open its vast domestic market to global investors.
Meng Wei, a spokeswoman for the National Development and Reform Commission, said the country is speeding up the formulation of the negative list for 2021, which will promote opening-up in the service sector in a bid to foster high-quality economic development.
A negative list refers to special administrative measures for the access of foreign investment in certain industries or areas.
“We will open more sectors of the economy on a larger scale and at a deeper level, to develop a new system promoting a higher-standard open economy,” Meng said at a news conference in Beijing on Thursday.
The country will continuously support the implementation of major foreign investment projects, especially in sectors such as advanced manufacturing and high-tech, and will encourage foreign investors to participate in the country’s high-quality development of manufacturing, new infrastructure construction and innovation-driven growth, she said.
To provide foreign investors with a fairer, more transparent and sound business environment, China will improve post-establishment national treatment for all foreign investors, treating domestic and foreign enterprises equally in accordance with the law in areas such as government procedure, certification and the setting of standards.
Against the backdrop of a sharp decline in global cross-border direct investment, there has been significant growth in foreign investment in China, and also Hangzhou China.
The nation’s actual use of foreign investment grew 35.4 percent year-on-year to reach 481 billion yuan ($74.78 billion) in the first five months of this year, and had increased by 30.3 percent from the same period in 2019, according to the Ministry of Commerce.
The number of newly established foreign-funded enterprises surged 48.6 percent year-on-year to 18,497, up by 12.4 percent from the same period in 2019.
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