China Unveils Action Plan to Boost Opening Up and Attract Foreign Investment
China has announced a comprehensive action plan aimed at enhancing high-level opening up and attracting more foreign investment. The General Office of the State Council released the plan, highlighting foreign investment as a critical force in achieving Chinese modernization and fostering mutual prosperity in the Chinese and global economies.
The action plan outlines 24 specific measures across five key areas:
1. Expanding Market Access
China will further shorten its negative list for foreign investment, allowing foreign enterprises greater entry into various sectors. Pilot programs will be launched to ease entry thresholds, particularly in scientific and technological innovation.
2. Enhancing Appeal to Foreign Investment
The plan emphasizes creating a market-oriented, law-based, and internationalized business environment. This includes expanding the Catalogue of Encouraged Industries for Foreign Investment and increasing the list of key foreign-funded projects to provide stronger policy support.
3. Fostering a Level Playing Field
Efforts will be made to ensure that foreign-invested enterprises can compete on equal footing with domestic companies. This involves reinforcing legal protections and simplifying administrative procedures.
4. Facilitating the Flow of Innovation Factors
China aims to support data flow between foreign-funded enterprises and their global headquarters. Measures will also facilitate the exchange of international business personnel and improve the management of work and residence permits for foreign nationals.
5. Aligning with High-Standard International Rules
The country will work towards better integrating domestic regulations with high-standard international economic and trade rules, enhancing transparency and predictability for foreign investors.
In the financial sector, China plans to expand access for foreign financial institutions to the banking and insurance industries. Additionally, it will broaden the business scope of foreign financial entities participating in the domestic bond market.
By implementing these measures, China seeks to bolster foreign investors’ confidence and encourage them to expand their development within the country. The action plan underscores China’s commitment to further integrating with the global economy and promoting shared growth.
Reference(s):
China issues action plan to boost opening up, foreign investment
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