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15 March, 2019 00:00 00 AM

China advances all-round opening-up at "two sessions"

China set its GDP growth target for this year at between 6 percent and 6.5 percent as the country pursues higher-quality development amid mounting uncertainties in the international economic landscape, according to the annual Government Work Report delivered by Premier Li Keqiang on March 5.
Xinhua

China expects to see wider opening-up as it pledges to do more to attract foreign investment and promote global cooperation at the “two sessions” held from March 3 to March 15.

“We will promote all-round opening-up and foster new strengths in international economic cooperation and competition,” Chinese Premier Li Keqiang said when delivering the government work report to the annual legislative session on March 5.

The government will further shorten the negative list which outlines fields off-limits to foreign investors, Ning Jizhe, deputy director of the National Development and Reform Commission, told a press conference on the sidelines of the annual legislative session on March 6.

China will roll out more opening measures to the agriculture, mining, manufacturing and service sectors, and allow wholly foreign-funded enterprises to operate in more sectors, Ning said.

John Huang with the British information service provider Experian believes that international investors will welcome China’s further opening-up.

“Some core industries, once considered to be ‘the most difficult areas to open up,’ such as automobile manufacturing and financial services, are now welcoming foreign investment,” said Huang, managing director for decision analytics of Experian Greater China.

“The Chinese government’s consistent commitment to opening-up has given foreign enterprises confidence about the business environment here,” said SangBoem Han, CEO of LG Display from the Republic of Korea.

In July 2018, LG Display opened an OLED panel factory in south China’s Guangdong Province with a total investment of 46 billion yuan (6.9 billion U.S. dollars).

China saw a record foreign direct investment of 135 billion U.S. dollars in 2018 despite a global economic downturn and rising protectionism.

 “In the early days, foreign firms received preferential policies regarding land, electricity and taxes in China,” Han said, “but more recently, the government has increased its protection of intellectual property and improved efficiency.”

Along with the efforts to attract foreign businesses, China is also stepping up the implementation of the Belt and Road Initiative (BRI) to benefit more participants.

To date, a total of 152 countries and international organizations have signed cooperation documents with China on the BRI.

According to the government work report, China will continue to “promote the joint pursuit” of the BRI, aiming at “shared growth through discussion and collaboration.”

China has signed free trade agreements with over 20 countries and regions. According to Zhao Ji, a national political advisor and president of China’s Northeastern University, the country’s efforts to strengthen the opening-up are especially important against the weak global economic growth.

“The development of China, which has been closely connected with the world, will continue to play a key role in promoting globalization,” Zhao said.

                      

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Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
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Editor : M. Shamsur Rahman
Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

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