China is taking significant steps to deepen its reform and opening-up policies, aiming to foster global cooperation and economic growth. According to a government work report submitted on Wednesday to the national legislature, the country is implementing new measures that could have a profound impact on international trade and services.
The report highlights that China has fully applied the negative list for cross-border trade in services. This move simplifies regulations and opens up sectors previously restricted to foreign investors. In addition, China has launched opening-up trials in value-added telecom services, biotechnology, and has allowed the establishment of wholly foreign-owned hospitals, signaling a commitment to diversify and modernize its economy.
In a bid to strengthen ties with the world’s least developed countries, China has granted zero-tariff treatment for 100 percent of tariff lines to all such countries with which it maintains diplomatic relations. This policy is expected to boost trade, support economic development, and alleviate poverty in these nations, many of which are in the Global South.
Furthermore, China has extended the permitted stay for eligible foreign travelers who are transiting to a third country or region to 240 hours. This extension is likely to enhance tourism and cultural exchange, offering more opportunities for international visitors to explore China.
The Belt and Road Initiative (BRI), China’s global development strategy, continues to yield remarkable results. The report notes that many major projects focused on improving people’s livelihoods are being steadily implemented, fostering infrastructure development and connectivity across participating countries.
These comprehensive reforms underscore China’s dedication to collaborative growth and its role in the global economy. As China continues to open its doors wider, opportunities for mutual development with countries in the Global South are set to expand, paving the way for shared prosperity.
