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Friday, September 18, 2015, 09:42

China issues guideline to promote opening up

By Xinhua

BEIJING - China issued a guideline on Thursday to open the economy wider to the outside world.

The government will continue to improve foreign capital management, encourage outbound investment, stabilize foreign trade and explore global cooperation, according to a document released by the Communist Party of China Central Committee and the State Council.

A negative list, which identifies sectors and businesses that are off-limits for investment, will be issued; certain controls will be loosened; and supervision enhanced, the guideline said.

The service sector - including finance, education, culture and health care - will be more accessible to foreign investors, while restrictions on child- and old-age care, architectural design, accounting, auditing, logistics and e-commerce will be lifted. China will also further open the manufacturing industry.

As part of economic rebalancing, China is pushing forward with opening up in more sectors.

Zhang Yansheng, secretary-general of the academic committee of the National Development and Reform Commission, said China wanted to create a stable, open and transparent business environment to attract more capital, talent and technology and speed up restructuring.

Meanwhile, the guideline said, the government will boost outbound investment.

Companies will be encouraged to invest in infrastructure, energy and resources around the world, while advantageous industries including high-speed rail, nuclear power, aviation and machinery will be promoted globally.

Chinese enterprises invested a total of US$123.12 billion overseas in 2014, up 14.2 percent year on year.

Zhang Xiangchen, vice negotiation representative for international trade at the Ministry of Commerce, expects outbound investment to continue to grow and surpass capital inflow.

According to the guideline, the government will cut red tape and simplify customs clearance to facilitate trade. Experts believe the policies will relieve exporters, and boost growth in international trade.

In terms of service trade, the guideline said the government will continue to boost the sector, continuing with the upgrade through Internet technology, such as big data and mobile networks, achieve international standards and enhance outsourcing.

Bucking lackluster goods trade, the service trade posted double-digit growth in the first half of the year.

In addition, the guideline said China will continue to promote multilateral trade, stick to win-win cooperation and oppose protectionism. It will establish a network of free trade areas (FTAs) to carry forward global cooperation.

China has signed 14 FTAs with countries including Iceland, Switzerland, the Republic of Korea and Australia.

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