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July 18, 2017

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Home » Business » Economy

President urges an open economy

CHINA should improve its investment and market environment, accelerate opening up to the outside world and lower operating costs, President Xi Jinping said yesterday.

The country should “create a stable, fair, transparent and predictable business environment, and speed up efforts to build an open economy in a bid to promote the sustainable and healthy development of the Chinese economy,” Xi said at a meeting of the Central Leading Group on Finance and Economic Affairs.

An important goal of building an open economy is to stimulate improvement of domestic institutions and laws for higher efficiency and greater competitive strength in the global market, he said.

Foreign investment has played a significant role in China’s economic development, promoting reasonable allocation of resources and driving market-oriented reforms, he said. China should continue to make good use of foreign investment to advance supply-side structural reforms, upgrade the economy, and catch up with global technology development.

He urged faster efforts to lift restrictions on foreign access and ownership in sectors such as child care, elderly care, architectural design, accounting, auditing, commerce, logistics, e-commerce, general manufacturing and services.

The “negative list” approach to foreign investment management, which has been adopted in the country’s pilot free trade zones, should be expanded to the whole nation as soon as possible, he said.

A negative list identifies sectors and businesses that are off limits or restricted.

Xi also called for faster work to unify laws and regulations on domestic and foreign businesses and make new fundamental laws on foreign investment.

Laws, rules and policies out of tune with the overall direction and principle of opening-up should be abolished or revised within a time limit, and national treatment in laws and policies should be granted to foreign-funded companies after they enter the market, Xi said.

He urged megacities such as Shanghai, Beijing, Guangzhou and Shenzhen to take the lead in improving the business environment, demanding moves to reduce inspections and fines on companies and ban illegal fees.

He stressed the importance of protecting intellectual property rights, calling for better laws and regulations, an improvement in the quality and efficiency of intellectual property examinations, and speedier institutional improvement for IPR protection related to emerging sectors and new business types. Wrongdoing should be punished more severely, he said.


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