President Xi Jinping addresses the Asia-Pacific Economic
Cooperation CEO Summit, saying that China will step up reforms of
the foreign investors management system and "substantially cut
back" on market access restrictions for foreign investment. [Photo
by Li Xueren/Xinhua]
'Substantial cuts' ahead for restrictions on foreign
investment
Beijing will "substantially cut back" on market access
restrictions for foreign investment and build an economy with an
even higher level of openness, President Xi Jinping told a regional
business gathering on Wednesday amid global concerns over the
country's slowing growth.
Addressing the Asia-Pacific Economic Cooperation CEO Summit,
the president also sought to reassure regional economic and
political leaders that the world's No. 2 economy is capable of
fending off downward pressures.
The fundamentals of China's economy remain positive, the
economy has great potential and is proving resilient to the pains
of deepening reform, and there is ample room to maneuver, said
Xi.
His remarks came as China faces increasing pressure from a
slowing economy and criticism from foreign companies over obstacles
to market access.
"We will step up reforms of the foreign investors management
system, substantially cut back on market access restrictions for
foreign investment, improve IPR protection, and foster an open,
transparent, fair and highly efficient market environment," Xi
said.
"Here I would like to reiterate that China's policy on
welcoming foreign investment will not change, nor will its
protection of the legitimate rights and interests of foreign
invested companies, or its commitment to provide better services
for them," the president added. "China's door to the outside world
will forever stay open."
Beset by cooling foreign investment and the throes of deep
economic reform that aims to shift the economy away from reliance
on trade and investment, the world's second-largest economy grew by
6.9 percent year-on-year in the third quarter, posting the weakest
pace since the global financial crisis of 2008-09.
Xi also hinted that various regional trade deals can cause
"fragmentation," saying that the Asia-Pacific economies should
accelerate the realization of the Free Trade Area of the
Asia-Pacific initiative, which would include all APEC
economies.
As the world's leading growth engine, the Asia-Pacific market
has seen a number of regional trade arrangements, including the
Trans-Pacific Partnership, a 12-nation trade agreement led by the
United States.
Stressing that countries must make free trade arrangements
open and inclusive, Xi said such agreements need equal
participation and extensive consultation.
Zhang Jianping, director of the International Economic
Cooperation Institute at the National Development and Reform
Commission, said China, by pledging to cut restrictions on market
access, is expected to nationally promote the negative list
mode.
Beijing will "substantially cut back" on market access
restrictions for foreign investment and build an economy with an
even higher level of openness, President Xi Jinping told a regional
business gathering on Wednesday amid global concerns over the
country's slowing growth.
Addressing the Asia-Pacific Economic Cooperation CEO Summit,
the president also sought to reassure regional economic and
political leaders that the world's No. 2 economy is capable of
fending off downward pressures.
The fundamentals of China's economy remain positive, the
economy has great potential and is proving resilient to the pains
of deepening reform, and there is ample room to maneuver, said
Xi.
His remarks came as China faces increasing pressure from a
slowing economy and criticism from foreign companies over obstacles
to market access.
"We will step up reforms of the foreign investors management
system, substantially cut back on market access restrictions for
foreign investment, improve IPR protection, and foster an open,
transparent, fair and highly efficient market environment," Xi
said.
"Here I would like to reiterate that China's policy on
welcoming foreign investment will not change, nor will its
protection of the legitimate rights and interests of foreign
invested companies, or its commitment to provide better services
for them," the president added. "China's door to the outside world
will forever stay open."
Beset by cooling foreign investment and the throes of deep
economic reform that aims to shift the economy away from reliance
on trade and investment, the world's second-largest economy grew by
6.9 percent year-on-year in the third quarter, posting the weakest
pace since the global financial crisis of 2008-09.
Xi also hinted that various regional trade deals can cause
"fragmentation," saying that the Asia-Pacific economies should
accelerate the realization of the Free Trade Area of the
Asia-Pacific initiative, which would include all APEC
economies.
As the world's leading growth engine, the Asia-Pacific market
has seen a number of regional trade arrangements, including the
Trans-Pacific Partnership, a 12-nation trade agreement led by the
United States.
Stressing that countries must make free trade arrangements
open and inclusive, Xi said such agreements need equal
participation and extensive consultation.
Zhang Jianping, director of the International Economic
Cooperation Institute at the National Development and Reform
Commission, said that China, by pledging to cut restrictions on
market access, is expected to nationally promote the negative list
mode.
|