SCIO briefing on stabilizing the fundamentals of foreign trade and investment and promoting the quality development of commerce
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E-mail China.org.cn, May 20, 2020
Hong Kong Commercial Daily:
Since the outbreak of the COVID-19 pandemic, the production and operation activities of some foreign-invested enterprises has been impacted. It is being suggested some will transfer outwards, raising some concerns about the prospects of China's utilization of foreign capital. What's your opinion on that, Minister Zhong Shan? What measures will the Ministry of Commerce take to stabilize foreign capital. Thank you.
Zhong Shan:
Thank you for your question. The spread of the pandemic truly has had an impact on transnational investment and China's utilization of foreign capital also faces great challenges. Under the leadership of the CPC Central Committee, we will focus on three key tasks regarding stabilizing foreign capital.
First, we will expand opening-up to a greater extent. The more difficult the situation, the greater the needed openness. We will continuously relax restrictions on the market access, reduce negative lists and expand openness of the service sector. Some of these works are already underway and some will be conducted soon. We will enhance regional synergy openness and promote implementation of significant strategies like the integrated development of Beijing and Tianjin municipalities and Hebei province, the Yangtze Economic Belt, and the Guangdong-Hong Kong-Macao Greater Bay Area, so as to advance regional interaction and openness, and bring along all-round opening. We will step up opening of the central and western regions and old industrial bases, which now have better development conditions. What's more, many supportive polices have been issued by the central government targeting these regions. We encourage more foreign businessmen to invest in central and western China and the old industrial bases in Northeast China.
Second, building an open platform. The pilot FTAs and free trade ports are the new heights of reform and opening up in the new era. We must build these open platforms well so that they can play a demonstrative and leading role. The 18 pilot FTAs established since 2013 have produced a batch of replicable and transferable outcomes by using foreign investment that accounts for 15% of the country's total. Next, we will expand the pilot FTAs, give them greater freedom in reform, and promote new opening up measures. At the same time, we will further accelerate the construction of Hainan Free Trade Port.
Third, improving the business environment. China has seen an increasingly better business environment in recent years. The world ranking of the country's business environment increased from 46th to 31st in 2019, which is great progress. This year, we will focus on implementing the Foreign Investment Law, creating a market environment for fair competition, protecting the legitimate rights and interests of foreign investors as well as intellectual property rights, and enhancing the confidence of foreign investors in long-term investment in China, so that they are willing to come, stay, and develop here.
I would like to emphasize that China has obvious advantages in the use of foreign capital. The country has rich and high-quality labor resources, sound capabilities in offering industrial support, and a market of 1.4 billion people. I believe smart entrepreneurs will not give up the huge Chinese market. Thank you.
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