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Economy must open wider to world
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China’s economy must open wider to the outside world to fuel growth, President Xi Jinping has told a group tasked with steering reform.
“China should be committed to attracting foreign investment and expertise, and improve opening-up policies,” he said, addressing the 16th Meeting of the Central Leading Group for Deepening Overall Reform yesterday.
Promoting opening up while pushing forward reforms will add new impetus and vitality, and provide new room for economic growth, Xi said.
The group yesterday adopted a series of guidelines including a negative list regulating market access, relaxation of border-control policies, encouraging state-owned enterprises to absorb private capital.
According to a statement issued after the meeting, a negative list, identifying sectors and businesses that are off-limits for investment, will be drawn up. The system will be gradually tested and improved through trial programs.
The move is significant as it will give the market a bigger role in allocating resources, ensuring a law-based business environment and making the market more open, it said.
China should relax market access, streamline administrative approvals and strengthen market supervision to build an open, equitable and well-regulated market in which companies can make independent decisions and participate in fair competition, the statement said.
The government should thoroughly loosen controls on powers that should be delegated to companies, and make sure that companies in sectors outside the negative list can decide how to run their businesses, according to the statement.
The statement also said China will allow border areas to explore new models of cross-border economic cooperation and new mechanisms for promoting regional growth.
In a bid to open up state-controlled sectors, more areas will be open to private investment.
“The government will not change its policy toward foreign investment, and will protect the lawful interests of foreign-funded companies and provide better services for them,” said the statement.
Guaranteeing lawyers’ right to practice and nurturing professional judges and prosecutors were also discussed at the meeting.
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