Beijing focuses on higher open economy
A senior trade official said on Monday that China will comply with high-level international economic and trade rules while pushing for a new system for a higher level of open economy.
Commerce Minister Wang Wentao said at a press conference in Beijing that the country can use some high-level rules as a stress test in free trade zones with supportive conditions. While others can be applied directly when conditions are ready.
“FTZs are playing a very positive role as pilots for reform and opening up. We have launched 278 corporate innovations at the national level. While the construction of Hainan Free Trade Port is progressing steadily,” he said.
For the next step, the consensus said, is to follow international economic and trade rules to expand higher level openness.
China is expanding opening up to a broader extent and at a deeper level. According to Wang, opening up is China’s path to achieve national prosperity.
The Regional Comprehensive Economic Partnership agreement signed by China and 14 other economies in November. The China-EU investment agreement negotiated at the end of the year, and the Comprehensive and Progressive Agreement on the Trans-Pacific Partnership signed by China Zhang Yansheng. Principal researcher at the China Center for International Economic Exchanges It actively attaches importance to participation, representing a high level of international economic and trade rules.
China, the world’s second-largest economy, second-largest consumer market. Moreover, The largest exporter, shortened its national negative list to 33 items, while the figure for STBs was 30.
A negative list refers to specific administrative measures that prohibit foreign investment from accessing certain industries or areas.
China has also eased restrictions on foreign investment in sectors such as automotive. Finance and securities, and expanded comprehensive pilots and demonstrations for broader expansion in the services sector.
Wang said the country will further shrink negative listings.
He added that China will work harder to improve control, protect industry and supply chains. Respond appropriately to economic and trade frictions, and avoid major risks.
China’s economic growth is showing signs of slowing. Experts said, adding that expanding openness is an effective way to provide new growth momentum and help push the global economy forward.
“Expanding foreign investment access through higher levels of openness. Especially in the financial sector, will indeed expose the Chinese economy to some risks,” said Huo Jianguo, vice president of the Beijing-based China World Trade Organization Research Association.
“However, such practices can promote fair competition among foreign, private and State-owned enterprises. Furthermore, Increase the operational efficiency of market institutions and help boost economic growth.”
To avoid situations where foreign investors entering the country are unable to register and operate properly due to administrative and other barriers. Zhang said the nation needs to build a more transparent, lawful and internationally compliant market.