China seeks to go 鈥榞lobal鈥 with new opening-up
Print Edition
CHINA expects to see wider opening-up as it pledges to do more to attract foreign investment and promote global cooperation at the ongoing annual “two sessions” in Beijing.
Premier Li Keqiang set the tone when he delivered the government work report to the annual legislative session on Tuesday, saying: “We will promote all-round opening-up and foster new strengths in international economic cooperation and competition.”
As the session progresses, a further relaxation of controls over market access has been announced, a draft foreign investment law is to be deliberated, and the Belt and Road cooperation will be promoted.
On Wednesday, Ning Jizhe, deputy director of the National Development and Reform Commission, told a press conference that the government will further shorten the negative list which outlines fields off limits to foreign investors.
China will roll out more opening-up measures in the agriculture, mining, manufacturing and service sectors, and allow wholly foreign-funded enterprises to operate in more sectors, Ning said.
John Huang with the British information service provider Experian believes that international investors will welcome China’s further opening-up.
“Some core industries, once considered to be ‘the most difficult areas to open up,’ such as automobile manufacturing and financial services, are now welcoming foreign investment,” said Huang.
Han Sang-boem, chief executive officer of South Korea’s LG Display, said: “The Chinese government’s consistent commitment to opening-up has given foreign enterprises confidence about the business environment here.”
In July, LG Display opened an OLED panel factory in south China’s Guangdong Province with a total investment of 46 billion yuan (US$6.9 billion).
China saw a record foreign direct investment of US$135 billion in 2018, despite a global economic downturn and rising protectionism.
“In the early days, foreign firms received preferential policies over land, electricity and taxes in China,” Han said. “But more recently, the government has increased its protection of intellectual property and improved efficiency.”
Talking about the premier’s emphasis on opening-up based on rules and related institutions, Zhang Jin, a national political adviser and businessman from Guangdong, said this will help China better conform with the international rules.
“This is also in line with China’s further integration with globalization and engagement in international competition,” Zhang said.
A highlight of this year’s two sessions is the draft foreign investment law, which is to be submitted to this year’s session of the 13th National People’s Congress for review.
Unified law
Once adopted, the unified law will replace three existing laws on Chinese-foreign equity joint ventures, non-equity joint ventures (or contractual joint ventures) and wholly foreign-owned enterprises.
The foreign investment law would be highly significant in protecting the legitimate rights and interests of foreign investors and ensuring fair competition, said Loh Jen Yuh, president of investment management at CapitaLand Group, one of Asia’s largest real estate companies.
Along with efforts to attract foreign businesses, China is also stepping up the implementation of the Belt and Road Initiative to benefit more participants.
To date, a total of 152 countries and international organizations have signed cooperation documents with China on the BRI.
“Many countries along the Belt and Road have shown their intention to cooperate with Chinese manufacturers,” said Wu Gang, a national political adviser and chairman of wind power firm Xinjiang Goldwind Science and Technology.
“We are more confident in going global under the government’s favorable policies related to the BRI,” said Wu, whose firm has gained a big market share in Pakistan and Australia.
According to the government work report, China will continue to “promote the joint pursuit” of the BRI, aiming at “shared growth through discussion and collaboration.”
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