China to expand opening up, encourage foreign trade and investment

China remains steadfast in its commitment to opening up, regardless of changes in the external environment, according to a government work report submitted on Wednesday to the national legislature for deliberation.

Chinese Premier Li Qiang delivered the work report on behalf of the State Council at the opening meeting of the third session of the 14th National People's Congress in Beijing.

The report outlines plans to steadily expand institutional opening up, advance unilateral opening in a well-ordered manner, and promote reform and development through greater openness.

Stabilizing foreign trade

According to the report, the government will implement policies to stabilize foreign trade, supporting enterprises in securing orders and exploring new markets. Efforts will include improving financial services related to financing, settlement and foreign exchange, expanding the scale and coverage of export credit insurance and providing more support to enterprises participating in and organizing overseas exhibitions.

To boost cross-border e-commerce, the government will enhance logistics services for cross-border delivery and accelerate the development of overseas warehouses.

The integrated development of domestic and foreign trade will be supported, with focus on addressing issues related to standards, certification and market channels. The government will also encourage the export of services and increase the import of high-quality services.

New growth drivers, such as green trade and digital trade, will be cultivated, and localities with favorable conditions will be supported in developing new types of offshore trade.

Major trade events, including the China International Import Expo, the China Import and Export Fair, the China International Fair for Trade in Services, the Global Digital Trade Expo, and the China International Consumer Products Expo, will be hosted with high standards.

The development of "smart customs" will be promoted to further simplify customs clearance procedures.

Encouraging foreign investment

China will also vigorously encourage foreign investment by promoting comprehensive trials and demonstrations for expanding the opening up of the service sector.

Sectors such as internet-related services, culture, telecommunications, medical services and education will be opened in a well-regulated manner. Foreign investors will be encouraged to increase reinvestment in China and collaborate with upstream and downstream enterprises in industrial chains.

National treatment for foreign-funded enterprises will be ensured in areas such as access to production factors, license application, standards setting and government procurement. Foreign investors will receive better services and support, and the launch of landmark investment projects will be expedited, making China a favored destination for foreign investment.

China will continue to foster a first-class business environment that is market-oriented, law-based and internationalized, enabling foreign-funded enterprises to achieve even greater success in the country.