China's commerce minister lays out priorities for broadening opening up

BEIJING -- Minister of Commerce Wang Wentao has outlined a host of prioritized measures aimed at opening the Chinese market wider to the outside world.

Wang made the remarks in an interview with Xinhua after the 20th Communist Party of China (CPC) Central Committee's third plenary session, which was held earlier this month, stressing that opening up is a defining feature of Chinese modernization.

"The plenum underlined the commitment to the basic state policy of opening to the outside world and the resolution adopted at the session uses a whole chapter to expound on plans to pursue high-standard opening up, which demonstrates China's unwavering determination to open its doors wider," he said.

To implement the strategic plans made at the CPC plenum, China's commerce authorities will move to promote the country's alignment with high-standard international economic and trade rules, and harmonize rules, regulations, management and standards relating to property rights protection, industrial subsidies, environmental standards, labor protection, government procurement, e-commerce and the financial sector, Wang stated.

China will unilaterally open its doors wider to the world's least developed countries, actively participate in the reform of global economic governance, safeguard the WTO-centered multilateral trading system, and expand its globally oriented network of high-standard free-trade areas, he noted.

Meanwhile, Wang pledged steps to increase new growth drivers for foreign trade, including trade in intermediate goods and green trade, fully apply the negative list for cross-border trade in services, and promote the development of integrated pilot zones for cross-border e-commerce.

In the sphere of foreign investment, he said, "We will act to deliver the target of removing all market access restrictions in the manufacturing sector as soon as possible."

Chinese authorities will appropriately shorten the negative list for foreign investment and promote wider opening with regard to telecommunications, the internet, education, culture, medical services and other sectors in a well-conceived way, according to Wang.

A report issued last week by the China Council for the Promotion of International Trade showed that in the second quarter of this year, more than 40 percent of surveyed foreign-funded enterprises said that the attractiveness of the Chinese market had increased in terms of future investment confidence.

"We will foster a first-rate business environment that is market-oriented, law-based and internationalized, overhaul the roundtable meeting mechanism for foreign-funded firms, ensure national treatment for them in terms of access to factors of production, license application, standards setting and government procurement, and protect the rights and interests of foreign investors in accordance with the law," Wang underscored.

With Chinese companies expanding their global footprints, the official also voiced plans to refine the institutions and mechanisms for promoting and protecting Chinese investment abroad, improve the management and service systems for outward investment, and facilitate international cooperation in industrial and supply chains.

In addition, China will upgrade its pilot free-trade zones and speed up the development of the Hainan Free Trade Port, he remarked.

As for cooperation under the Belt and Road Initiative (BRI), China will redouble efforts to develop multilateral platforms for cooperation on green development, artificial intelligence, the digital economy, energy, taxation, finance and disaster mitigation, among other areas, he said.

Wang said that China will work to conclude free-trade agreements and investment protection pacts with more countries under the BRI.