China issues action plan to attract foreign investment
2024-03-21 10:02     Source : Xinhua

The General Office of the State Council has issued an action plan to steadily promote high-level opening up and make greater efforts to attract and utilize foreign investment.

The action plan emphasizes that foreign investment is an important force in helping to achieve Chinese modernization and promoting the common prosperity and development of the Chinese economy and the world economy.

To attract and utilize foreign investment more vigorously, we must fully, accurately and comprehensively implement the new development concept, and create a market-oriented, law-based and internationalized first-class business environment that will boost foreign investors' confidence in their ability to develop in China, the action plan states.

The action plan proposes 24 measures across five aspects, including expanding market access, enhancing appeal to foreign investment, fostering a level playing field, facilitating the flow of innovation factors, as well as better aligning domestic rules with high-standard international economic and trade rules.

01 In order to expand market access and improve liberalization of foreign investment, the nation will refine the negative list for foreign investment, carry out pilot programs to ease access for foreign investment in scientific and technological innovation, and allow wider participation by foreign financial institutions in banking and insurance.

Meanwhile, efforts will be made to expand the business scope of foreign financial institutions in the domestic bond market, and conduct pilot investment programs for qualified foreign limited partners in China.

02 Policy support in taxation, finance, and energy consumption will be implemented to make the nation more attractive to foreign investment, the plan said, and the list of industries and projects that encourage foreign investment will be expanded.

China will also provide support for foreign enterprises in industry transfers from eastern regions to central, western, and northeastern regions.

03 To better serve foreign enterprises and build a fair and competitive environment, work will be done to remove actions and measures against fair competition, optimize the bidding system, and allow foreign enterprises to participate in standard formation and committees based on the same conditions.

"Invest China", as a brand, will be further promoted to showcase China's superior business environment and investment opportunities to overseas investors, the plan added.

04 According to the plan, data flow between foreign-invested enterprises and their headquarters and travel for business personnel will be facilitated, and the management of work and residence permits will be optimized as well.

05 The nation will also enhance protection of intellectual property rights, improve rules for cross-border data flows, push forward negotiation and implementation of high-level economic and trade agreements, and intensify pilot programs to align with high-level international trade rules.

Editor: Liu Ke