China will work with all countries and all parties to share the opportunities from its institutional opening-up, said President Xi Jinping at the opening ceremony of the 5th China International Import Expo (CIIE) via video.

The country will steadily expand institutional opening-up with regard to rules, regulations, management and standards, put into full effect the new Catalogue of Encouraged Industries for Foreign Investment, and further develop the national integrated demonstration zone for greater openness in the service sector, he said.

Initiated in 2018, institutional opening-up has been the country's pledge of furthering opening-up, creating new opportunities for the world by opening China's market, promoting reform of the investment and trade management system and improving its business environment.

Released on October 28, the 2022 version of the catalogue of industries aims to encourage foreign investment and continue to incentivize foreign businesses toward advanced manufacturing, the service sector and the central and western regions. Compared with the 2020 version, the new catalogue contains 1,474 items, adding 239 and revising 167 items. It is effective from January 1, 2023.

"We will implement the strategy to upgrade pilot free trade areas, accelerate the Hainan Free Trade Port (FTP) development, and tap into their role as pilot platforms for comprehensive reform and opening-up," Xi said.

In 2015, Beijing became the country's only pilot city to open the service sector wider, and the city has been supported to become a national integrated demonstration zone for greater openness in the service sector and the pilot free trade zone since 2020. Over the past two years, Beijing has introduced more than 100 favorable policies related to the 'two zones' and landed over 100 projects.

In 2020, China released a master plan to build the Hainan Island into a high-level free trade port by 2050. Thanks to policies such as zero tariffs, easier market and foreign investment access, major sectors in Hainan have seen development. In 2021, Hainan's merchandise imports and exports totaled 147.68 billion yuan (about $20.54 billion), an increase of 57.7 percent from the previous year, according to an official white paper on the development of Hainan FTP issued in July.