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China takes measures to boost international cooperation and foreign investment

June 18, 2020


Abstract : The State Council, China's Cabinet, has released a document recently on the implementation of the key tasks mentioned in the government work report in 2020, boosting international cooperation and foreign investment.

BEIJING, June 18 (Xinhua) -- The State Council, China's Cabinet, has released a document recently on the implementation of the key tasks mentioned in the government work report in 2020, boosting international cooperation and foreign investment.

According to the document, the newly revised negative lists for foreign investment market access would be released before the end of June, the first negative list for cross-border service trade would be launched this year, and another batch of pilot free trade zones would be established in central and western regions of China.

Meanwhile, the high-quality construction of the Belt and Road (B&R) will be promoted as well.

-- NDRC, MFA and MOC jointly promote B&R high-quality construction

The National Development and Reform Commission (NDRC) has made plans to promote the high-quality construction of the Belt and Road in 2020 draft plan for national economic and social development, including implementing the expected outcomes achieved during the Second Belt and Road Forum for International Cooperation, improving risk prevention, control and disposal capacity, promoting the construction of China-Mongolia-Russia, China-Pakistan, China-Indochina Peninsula Economic Corridors.

Due to the outbreak of the COVID-19 epidemic, the economic cooperation under the Belt and Road Initiative (BRI) has been affected by the sluggish international trade and investment.

But the negative effects are temporary and partial, said Wang Yi, the Chinese State Councilor and Foreign Minister, emphasizing that China and other countries will stay confident in promoting the Belt and Road Initiative.

In addition, China will continue to co-host the Belt and Road high-level video meeting with BRI countries, promote the construction of the Health Silk Road and the Digital Silk Road, injecting more new impetus into the global economic recovery.

Against the decline in foreign trade, China's trade with BRI countries has saw sustainable growth, contributing to China's foreign trade during the epidemic.

According to Wang Bingnan, vice minister of Commerce, the Ministry of Commerce (MOC) will focus on strengthening the epidemic response capacity, deepening and enhancing trade and investment cooperation, and telling the stories of the Belt and Road to promote the high-quality construction of the Belt and Road.

-- Newly-revised and launched negative lists, and newly-established FTZs to boost foreign investment

Since the first negative list for foreign investment market access was launched in 2013, China has revised it for five times, reducing special measures from 190 terms to 40 ones for nationwide foreign investment and 37 ones in free trade zones (FTZs).

Ning Jizhe, deputy director of the NDRC, has revealed that the negative list will be shorten to further improve the openness in service, manufacturing and agricultural industries which will be first implemented in the free trade zones.

In addition, a new negative list for cross-border service trade will be launched within the year, showing China's further opening-up in the sector.

Meanwhile, China will establish another batch of pilot free trade zones is the central and western regions. So far, regions including Inner Mongolia, Shanxi, Xinjiang, Ningxia and Gansu have planned to apply for the establishment of the free trade zones.

For the existing 18 pilot free trade zones, China will grant more decision-making rights in the reform and opening-up this year. (Edited by Gao Jingyan with Xinhua Silk Road, gaojingyan@xinhua.org)

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Keyword: foreign investment international cooperation B&R Weekly B&R high-quality construction

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