China to build modern market system with wider opening-up

BEIJING -- China will boost its development by building an economic system of higher-level opening-up, Wang Wentao, the country's commerce minister, said in an interview with Xinhua.

In building such a system, "the country needs to connect the domestic and international markets, and form a modern market that is unified, open and has orderly competition," Wang said.

Speaking of the country's opening-up measures, he cited efforts to broaden market access to foreign investors.

"In 2020, China released a revised industry catalog that names 127 more items encouraging foreign investment," said Wang, adding that the country also unveiled new, shortened negative lists for foreign investment in the same year, and the number of sectors off-limits to foreign investors has been slashed to 33.

"These measures will help remove hidden barriers in market access, safeguard the lawful rights and interests of all types of market entities, and build a market-oriented, law-based and internationalized business environment," Wang added.

Latest data also showed the interest of foreign investors in the Chinese market. According to the commerce ministry, non-financial foreign direct investment (FDI) into the Chinese mainland, in actual use, totaled 129.3 billion U.S. dollars, rising 25.2 percent year on year in the first nine months of 2021.

To advance higher-level opening-up, China plans to act in multiple fields.

"China will comprehensively implement the Foreign Investment Law and its supporting regulations, advance the revision of the law on foreign trade, and promote the negative list for cross-border trade in services nationwide," said the minister.

Apart from the laws and regulations, he also stressed better use of various platforms such as international expos and the Hainan free trade port to further China's opening up.

In terms of the pilot free trade zones, he pledged more reform autonomy and support in the piloting of aligning with high-standard international economic and trade rules.

While broadening access to foreign investment, Wang said that China should also tap its reviewing mechanisms to ensure a sound environment for fair competition.

In the global arena, China will closely engage in global economic governance, said the minister, citing China's push for the early coming into force of the Regional Comprehensive Economic Partnership and preparations to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership. 

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