China pledges to do more to attract foreign investment

BEIJING: China expects to see wider opening-up as it pledges to do more to attract foreign investment and promote global cooperation at the annual two sessions of the elected representatives.

"We will promote all-round opening-up and foster new strengths in international economic cooperation and competition," Chinese Premier Li Keqiang said while delivering the government work report to the legislative session of the NPC.

At the session, further relax of controls over market access has been announced, a draft foreign investment law will be deliberated, and the Belt and Road cooperation has been promoted.

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.

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.

China saw a record foreign direct investment of 135 billion U.S. dollars in 2018 despite a global economic downturn and rising protectionism. 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. "Many countries along the Belt and Road have shown their intention to cooperate with Chinese manufacturers," said Wu Gang, a national political advisor and chairman of wind power firm Xinjiang Goldwind Science & Technology. "We are more confident in going global under the government's favorable policies related to the BRI," said Wu, whose business has gained great market shares in Pakistan and Australia. 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."