BEIJING, July 19,
2024 /PRNewswire/ -- China's policymakers outlined
details of the to-do list for the nation's future opening-up on
Friday, pledging initiatives to increase unilateral opening to
least-developed countries and expanded access to the commodity,
service, capital and labor markets in a well-paced manner.
The priorities for the nation's reform and opening-up until 2029
were mapped out during the third plenary session of the 20th
Central Committee of the Communist Party of China, the Party's
central leadership, held between Monday and Thursday.
Han Wenxiu, executive deputy director of the Office of the
Central Commission for Financial and Economic Affairs, explained at
a news conference that expanding institutional opening-up and
building a high standard open economy were the key aspect of the
reform-themed resolution adopted at the epoch-making policy
meeting.
"We will turn China's vast market into a major opportunity for
the world," he said, adding that Beijing will continue to make life more
convenient for foreign travelers in terms of accommodation, medical
services and payments.
Other priorities include developing major landmark projects and
small and beautiful livelihood projects to promote high-quality
Belt and Road cooperation.
Over 300 reform measures were outlined in the resolution on
further deepening reform to advance Chinese modernization, widely
expected to be released in full in the coming days.
According to a communique released by the Party's central
leadership on Thursday, the nation will deepen foreign trade
structural reform, further reform the management systems for inward
and outward investment, and improve planning for regional
opening-up.
The measures came after Beijing
rolled out 15-day visa-free regimes for tourists from 15 countries
and expanded the coverage of its 144-hour visa-free transit policy
to 37 ports of entry recently, in a gesture of welcoming more
travelers to the nation.
Mu Hong, deputy director of the Office of the Central Commission
for Deepening Reform, told the Friday briefing that evolving global
landscapes and mounting external uncertainties will not waver "the
resolve and confidence" of China to make greater strides in reform
and opening-up.
"We are moving ahead one step at a time toward our goals,
undeterred by any risk and not swayed by any disturbance. This
demonstrates the strong determination and will of our Party to
press ahead with reforms," he said.
Meanwhile, officials have also sought to extend a strong message
on Friday that China will remain a top destination for global
investment.
According to the Ministry of Commerce, China saw the
establishment of 26,870 new foreign-invested enterprises in the
first half of this year, marking a 14.2 percent increase
year-on-year. However, the nation's foreign direct investment
dropped by 29.1 percent year-on-year to 498.91 billion yuan ($68.65 billion) during the period.
Han told the Friday briefing the fall in FDI into China is only
temporary. "As the nation's business environment continues to
improve and market opportunities multiply, China's utilization of
foreign capital is set to keep expanding."
The official reaffirmed Beijing's commitment to creating a
transparent, stable and predictable institutional environment for
foreign firms.
"We need to proactively align with international high-standard
economic and trade rules, ensuring compatibility and alignment in
rules, management and standards in areas such as intellectual
property protection, industrial subsidies, environmental standards,
labor protection, government procurement, e-commerce and the
financial sector."
He stressed the necessity to fully put in place the negative
list for cross-border services trade, and promote the well-paced
expansion of openness in areas such as telecommunications, the
internet, education, culture and healthcare.
To level the playing field for domestic and foreign businesses,
Han said foreign enterprises must receive national treatment in
areas such as access to resources, qualification and licensing,
standard-setting and government procurement.
"We are willing to share the great opportunities from China's
development of new quality productive forces and the advance of
Chinese modernization. We'll be pleased and wish to see foreign
companies thriving together with the Chinese economy."
The signals from the Party leadership toward greater strides in
opening-up have buoyed the confidence of global business leaders
and analysts.
Jean-Christophe Pointeau,
president of Pfizer China, said he believes that China's reforms
will further unleash market vitality, better allocate resources,
boost the innovation and competitiveness of China's economy, and
lead to the overall progress of the economy and society.
"Pfizer is looking forward to the future of China's economy," he
said. "China's world-class business environment that is
market-oriented, law-based, and internationalized will further
enhance foreign investors' confidence. And multinational companies,
including Pfizer, will be more willing to invest and expand their
business in China."
He explained that the government's reforms over the past decade
have enabled the pharmaceutical giant to introduce some innovative
drugs in China even faster than in
the European Union and Japan.
Ren Jing, senior vice-president
of Schneider Electric, said the French industrial and technology
group will continue to deepen its presence in the Chinese market
and increase investment in new energy projects.
The company is set to put the second phase of an innovation base
in Shanghai into operation in
September to provide advanced testing services for R&D centered
in China and develop more green,
low-carbon intelligent electrical products for Chinese users, she
said.
Dereck Ji, managing partner for
China at ADL Consulting, a Belgium-based consulting firm, said one of the
key signals from the policy meeting this week is that China's
comprehensive deepening of reform has continued to expand in
breadth and depth, providing broad opportunities for many
enterprises, including foreign investors.
"The Chinese market has advantages that no other market can
match, especially in terms of infrastructure, scale and capital,
which are massively attractive to multinationals."
By XU WEI, ZHONG NAN, and LIU ZHIHUA
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SOURCE China Daily