China to lower tariffs on imports, relax or scrap various controls
Print Edition
China will open even wider to the world, Premier Li Keqiang said yesterday.
China’s economy is so integrated into the global economy that closing the doors would only block China’s own way, he said at a press conference after the conclusion of the annual legislative session.
Stressing opening-up is a two-way movement, Li said China still has much room for further opening-up its markets and will lower overall tariffs on imports. Tariffs on popular consumer goods will be substantially cut, while zero tariffs could be applied to much needed anti-cancer drugs.
China will increase efforts in relaxing controls over market access to the service sector, including old-age care, medical care, education and financial services, Li said.
The country will gradually relax and even scrap foreign-owned equity limits in some sectors and shorten the negative list for foreign investment.
No compulsory technology transfers will be imposed on foreign investment in the general manufacturing sector and intellectual property rights will be protected, he added.
“We aim to make the vast Chinese market a fair place for both domestic and overseas firms with all kinds of ownerships to compete to offer more options for about 1.3 billion Chinese consumers, expediting upgrading of Chinese products and services,” Li said.
He said China’s opening-up is a gradual process and should be perceived in a long-term and holistic view as some seemingly minor reform steps might produce impressive dividends later, citing the country’s booming overseas tourism market thanks to streamlined private visa application procedures.
“Like rowing a boat, opening-up is a two-way movement entailing mutual efforts.”
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