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China unwavering on expanding opening-up

Updated: Jun 5,2019 9:23 PM     Xinhua

SHANGHAI — A high-ranking Chinese official has reiterated the country’s stance of expanding opening-up and improving its business environment.

China will remain unwavering in expanding opening-up, and welcomes overseas companies to invest or expand businesses in the country, Ning Jizhe, deputy head of the National Development and Reform Commission, said during a recent seminar with representatives of overseas-funded companies in Shanghai.

Ning said the country would continue its efforts to improve the business environment and enhance protection of overseas investors’ legitimate rights and interests.

He said US-triggered economic and trade friction had cast varying impact on the global economy, including Chinese economy, and on global industrial chain, including overseas-funded companies operating in China.

Speaking of rising protectionism, Ning said China would face up to the challenges, open up to the rest of the world, maintain a stable industrial chain and gradually move up the value chain.

The country will release its 2019 negative list for overseas investment this month, which will be further shortened, according to Ning.

Restrictions will be removed concerning sectors that are not subject to the negative list in order to ensure that Chinese companies and overseas firms enjoy equal treatment, he said.

The country will also unveil its 2019 industry catalog for overseas investment, opening up more sectors and industries to overseas investors, according to Ning.

Ning noted that China had a vast market and sufficient conditions to maintain stable economic development.

China has ample room for maneuver in the international and domestic markets as final consumption contributed 76.2 percent to China’s economic growth in 2018, while the China-US trade in goods accounted for one-seventh of China’s total foreign trade, he said.

Ning said China’s industrial cluster, infrastructure and talent constituted a favorable environment for the manufacturing industry, especially for high-quality and high-efficiency production.

Expressing their unshaken confidence in the Chinese market, overseas firm representatives said their companies would continue to tap into the market and grow together with China.