China’s General Office of the State Council has issued an action plan to steadily promote high-level opening up and make greater efforts to attract more foreign investment into the country.
The action plan emphasised foreign investment is an important force in helping to achieve Chinese modernisation and promoting the common prosperity and development of the Chinese economy it said.
The office call for more vigorous action, implement new development concept, and create a market-oriented, law-based and internationalised first-class business environment in order to boost foreign investors’ confidence in their ability to develop in China, the action plan states.
The action plan proposes 24 measures across five aspects, including expanding market access, enhancing appeal to foreign investment, fostering a level playing field, facilitating the flow of innovation factors, as well as better aligning domestic rules with high-standard international economic and trade rules.
China said it will shorten its negative list for foreign investment reasonably, and launch pilot programs to relax foreign entry thresholds in scientific and technological innovation, according to the document.
Efforts is also to focus on expanding access of foreign financial institutions to the banking and insurance sectors and expanding the business scope of foreign financial institutions participating in domestic bond market, said the plan.
The country also vows to expand the Catalogue of Encouraged Industries for Foreign Investment and the list of key foreign-funded projects, aiming to provide enhanced policy support for attracting foreign investment, states the plan.
It added measures will be taken to support data flow between foreign-funded enterprises and their headquarters, facilitate international business personnel exchanges, and improve the management of work and residence permits for foreign nationals.
