China will further expand the scope and raise the quality of
its opening-up, and the structure, layout, institutions and mechanisms
for opening-up will be improved, said a government report on Monday.
The draft Report on the Work of the Government said the country will
advance international cooperation under the Belt and Road Initiative.
China will expand industrial capacity cooperation with other
countries as this will facilitate Chinese manufacturing and services to
go global. It will also improve the composition of outbound investments,
as well as expand opening-up in the western region, inland areas and
border areas, creating new opportunities for China’s economic
cooperation with other countries.
The country will promote steady growth in foreign investments by
strengthening alignment with international business rules, and foster a
world-class business environment.
Under the policy framework, the general manufacturing sector will be
completely opened up, and access to sectors such as telecommunications,
medical services, education, elder care and new-energy vehicles will be
China will also phase in an opening-up of bank card clearing and
other markets; lift restrictions on the scope of operations of
foreign-invested insurance companies; and ease or lift restrictions on
the share of foreign-owned equity in companies in sectors including
banking, securities, fund management and futures, as well as make market
entry standards the same for both domestic and foreign banks.
Overseas investors will be granted tax deferrals for the reinvestment
of profits made in China. Procedures for setting up foreign-invested
businesses will be simplified, and business filing and registration will
be processed together in one go, according to the government report.
China will spread the use of practices developed in free trade zones
all over the country, and explore opening free trade ports, working
toward new heights in reform and opening-up.
The report stressed that China will expand the coverage of export
credit insurance, and shave another third off the total time taken for
customs clearance and reform the mechanisms for developing trade in
services, as well as foster new forms and models of trade.
In addition to encouraging processing trade to shift to the central
and western region, the country will actively expand imports, host the
first China International Import Expo, and lower import tariffs on
products including automobiles and certain daily consumer goods.
The report said China is committed to promoting trade and investment
liberalization and facilitation. The country is ready to work with all
relevant parties to advance multilateral trade negotiations. It also
calls for trade disputes to be settled through discussions as equals,
opposes trade protectionism and will resolutely safeguard its lawful