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19 July, 2019 00:00 00 AM / LAST MODIFIED: 18 July, 2019 07:22:21 PM

China to be more open and transparent

Xinhua
China to be more open and transparent

On June 28, when delivering a speech on Global Economy and Trade at the G20 Summit in Osaka, Japan, Chinese President Xi Jinping said the Chinese economy has continued its stable and sound performance, with its GDP growing within a proper range of more than 6% for years running.

In the speech named "Working Together to Build a High-Quality World Economy", Xi stressed that on top of the steps it has taken recently, China will further unveil major measures aimed at breaking new ground in opening-up and delivering high-quality development. 

First, more will be done to open up the Chinese market wider. China will release the 2019 edition of the negative list on foreign investment. The focus will be on greater openness in the agriculture, mining, manufacturing and services sectors. The country will set up six new pilot free trade zones and open a new section of the Shanghai Pilot Free Trade Zone, and will speed up exploration of building a free trade port in Hainan province.

Second, greater initiative will be demonstrated in expanding imports. China will further bring down its overall tariff level, strive to remove non-tariff trade barriers, and slash institutional costs of imports. It will ensure the success of the Second China International Import Expo.

 Third, more steps will be taken to improve the business environment. In the new legal framework for foreign investment that is to take effect on 1 January next year, China will introduce a punitive compensation mechanism for intellectual property infringement cases and make the relevant civil and criminal laws more stringent to deliver better IP protection.

Fourth, equal treatment will be extended to all foreign investment. China will lift all foreign investment restrictions beyond the negative list, and provide equal treatment to all types of businesses registered in China in the post-establishment phase. A complaint mechanism will be set up for foreign companies to air their grievances.

Fifth, greater efforts will be made to advance trade talks. China will push for an early conclusion of the Regional Comprehensive Economic Partnership (RCEP) and for faster progress in the negotiations on a China-EU investment agreement and a China-Japan-ROK free trade agreement.

The president also pointed out that China has full confidence in following its path and running its own affairs well. At the same time, China will work in the spirit of peaceful co-existence and win-win cooperation with all other countries to build a community with a shared future for mankind and to tirelessly pursue a brighter future of the global economy.                                           

 

The service sector will see greater opening-up in transport, infrastructure, culture, and value-added telecommunications.

The restriction that domestic shipping agencies must be controlled by the Chinese side will be scrapped.

The restriction that gas and heat pipelines in cities with a population of more than 500,000 shall be controlled by the Chinese side will be lifted.

 The restriction that cinemas and performance brokerage institutions must be controlled by the Chinese side will be rescinded.

The restriction on foreign investment in domestic multi-party communications, store-and-forward and call center services will be canceled.

 

Market access will be eased in agriculture, mining and manufacturing industries.

Prohibition on foreign investment in the exploitation of wildlife resources will be abolished.

Restrictions on the exploration and development of petroleum and natural gas are limited to Chinese-foreign equity joint ventures or non-equity joint ventures will be canceled, as well as the prohibition on foreign investment in the exploration and exploitation of molybdenum, tin, antimony and fluorite.

In the manufacturing sector, the ban on foreign investment in the production of Xuan paper and ink ingots will be lifted.

On the basis of nationwide opening-up measures, the 2019 version of the pilot FTZ negative list for foreign investment has lifted restrictions on foreign investment in areas such as aquatic products fishing and publication printing.

 

 

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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.

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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