China will build a new modern market system

BEIJING: China will boost its development by building a higher level open economic system, said Wang Wentao, China’s trade minister, in an interview with Xinhua.

To build such a system, “the country must connect the national and international markets and form a modern unified market, open and with orderly competition,” said Wang.

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

“In 2020, China released a revised industry catalog that names 127 additional items encouraging foreign investment,” Wang said, adding that the country also unveiled new shortened negative lists for foreign investment in the same year, and the number of prohibited areas. to foreign investors was reduced to 33.

“These measures will help remove hidden barriers to market access, protect the legitimate rights and interests of all types of market entities, and create a market-oriented, law-based and internationalized business environment.” Mr. Wang added.

The latest data also showed the interest of foreign investors in the Chinese market. According to the Commerce Ministry, non-financial foreign direct investment (FDI) in mainland China, in actual use, totaled $ 129.3 billion, up 25.2 percent year-on-year over the past nine first months of 2021.

To take openness to a higher level, China plans to act in multiple areas.

“China will comprehensively implement the Foreign Investment Law and its accompanying regulations, advance the revision of the Foreign Trade Law, and promote the negative list for cross-border trade in services nationwide “, said the minister.

Besides laws and regulations, he also highlighted better use of various platforms such as international exhibitions and the Hainan Free Trade Port to promote China’s openness.

Regarding the pilot free trade zones, he pledged more autonomy of reform and support in piloting alignment with high-level international economic and trade rules.

While expanding access to foreign investment, Wang said China should also exploit its review mechanisms to ensure a healthy environment for fair competition.

On the global stage, China will engage closely in global economic governance, the minister said, citing China’s efforts for the early entry into force of the Regional Comprehensive Economic Partnership and preparations to join the Comprehensive Agreement and progressive transpacific partnership.

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