China is taking bold steps to open up its economy even more, signaling exciting opportunities for global trade and investment.
In a government work report delivered by Chinese Premier Li Qiang at the third session of the 14th National People’s Congress in Beijing, China emphasized its unwavering commitment to economic openness, regardless of changes in the external environment.
Boosting Foreign Trade
The report outlines plans to stabilize foreign trade by supporting enterprises in securing orders and exploring new markets. Measures include improving financial services related to financing, settlement, and foreign exchange, as well as expanding export credit insurance coverage. The government aims to provide more support for companies participating in and organizing overseas exhibitions.
To enhance cross-border e-commerce, China will improve logistics services for international deliveries and accelerate the development of overseas warehouses. The integrated development of domestic and foreign trade is also a priority, focusing on standards, certification, and market access.
Encouraging Foreign Investment
China plans to vigorously encourage foreign investment by expanding the opening up of the service sector. Sectors such as internet-related services, culture, telecommunications, medical services, and education will be opened in a well-regulated manner. Foreign investors are encouraged to reinvest in China and collaborate with upstream and downstream enterprises in industrial chains.
The government will ensure national treatment for foreign-funded enterprises in areas like access to resources, licensing, standards setting, and government procurement. Enhanced services and support will be provided to foreign investors, and the launch of major investment projects will be accelerated, making China an attractive destination for foreign investment.
Fostering a Business-Friendly Environment
China is committed to fostering a first-class business environment that is market-oriented, law-based, and internationalized. By promoting the development of “smart customs” to simplify clearance procedures and hosting major trade events with high standards, China aims to facilitate easier trade and investment activities.
New growth drivers such as green trade and digital trade will be cultivated, with support for regions to develop new types of offshore trade. The government also plans to encourage the export of services and increase the import of high-quality services.
For young entrepreneurs and businesses around the world, China’s continued opening up presents a wealth of opportunities for collaboration and growth in one of the world’s largest economies.
