China is doubling down on its commitment to open up its economy, regardless of global changes, according to a recent government work report. Delivered by Premier Li Qiang at the 14th National People's Congress in Beijing, the report outlines ambitious plans to enhance foreign trade and attract more foreign investment.
Stabilizing Foreign Trade
The government is set to implement policies that support businesses in securing orders and exploring new markets. This includes improving financial services related to financing, settlement, and foreign exchange, as well as expanding export credit insurance. Companies participating in and organizing overseas exhibitions will receive more support, boosting their global presence.
In the realm of cross-border e-commerce, China aims to enhance logistics services and accelerate the development of overseas warehouses, making it easier for businesses to reach international customers.
The integrated development of domestic and foreign trade will address issues related to standards, certification, and market channels. Additionally, the export of services will be encouraged, and the import of high-quality services will be increased, fostering a more dynamic trade environment.
New growth drivers like green trade and digital trade are set to be cultivated, with localities that have favorable conditions being supported to develop new types of offshore trade. Major trade events, including the China International Import Expo and the Global Digital Trade Expo, will be hosted with high standards to showcase China's commitment to open trade.
Encouraging Foreign Investment
China is also focusing on attracting foreign investment by promoting comprehensive trials and demonstrations in the service sector. Sectors such as internet-related services, culture, telecommunications, medical services, and education will be opened up in a well-regulated manner.
Foreign investors will be encouraged to reinvest in China and collaborate with upstream and downstream enterprises in industrial chains. The government will ensure national treatment for foreign-funded enterprises, providing better services and support to make China a favored destination for investment.
By fostering a first-class business environment that is market-oriented, law-based, and internationalized, China aims to enable foreign-funded enterprises to achieve even greater success within the country.
Reference(s):
China to expand opening up, encourage foreign trade and investment
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