The General Office of the State Council has introduced a comprehensive action plan aimed at steadily promoting high-level opening up and significantly increasing foreign investment in China.
Emphasizing the vital role of foreign investment, the plan highlights its importance in achieving Chinese modernization and fostering both national and global economic prosperity.
To attract and effectively utilize foreign investment, the action plan outlines the implementation of a new development concept. This includes creating a market-oriented, law-based, and internationally competitive business environment to enhance foreign investors' confidence in China.
The plan proposes 24 measures across five key areas: expanding market access, enhancing the appeal to foreign investment, fostering a level playing field, facilitating the flow of innovation, and aligning domestic regulations with high-standard international economic and trade norms.
Key initiatives include shortening the negative list for foreign investment, launching pilot programs to ease entry barriers in scientific and technological sectors, and expanding the access of foreign financial institutions to China's banking and insurance sectors. Additionally, the plan aims to broaden the business scope of foreign financial institutions in the domestic bond market.
China also plans to expand the Catalogue of Encouraged Industries for Foreign Investment and identify key foreign-funded projects to provide stronger policy support. Further measures will support data flow between foreign enterprises and their headquarters, promote international business personnel exchanges, and improve the management of work and residence permits for foreign nationals.
These strategic actions underscore China's commitment to creating a more open and inviting economic landscape for global investors, reinforcing its position in the world economy.
Reference(s):
China issues action plan to boost opening up, foreign investment
cgtn.com
