Xi calls for a more open econ­omy

Pres­i­dent says new laws needed to make for­eign in­vest­ment eas­ier

China Daily (USA) - - FRONT PAGE - By ZHANG YUNBI in Bei­jing zhangyunbi@chi­nadaily.com.cn

China should cre­ate a steady, fair and trans­par­ent cor­po­rate en­vi­ron­ment and gear up ef­forts to shape an open econ­omy, Pres­i­dent Xi Jin­ping said.

Xi made the state­ment at the 16th meet­ing of the Cen­tral Lead­ing Group on Fi­nan­cial and Eco­nomic Af­fairs on Mon­day.

The coun­try needs to fur­ther tap into for­eign in­vest­ment when it is un­fold­ing sup­ply-side struc­tural re­forms, up­grad­ing its econ­omy and catch­ing up with the global de­vel­op­ments in science and tech­nol­ogy, he noted.

China should ac­cel­er­ate its eas­ing of en­try re­stric­tions and share ra­tio lim­i­ta­tions on for­eign in­vest­ment in ar­eas such as nurs­ery and el­der care, ar­chi­tec­ture, ac­count­ing, com­merce and lo­gis­tics, e-com­merce and the tra­di­tional man­u­fac­tur­ing and ser­vice sec­tors, Xi said.

Xi said it is hoped the sec­ond-largest world econ­omy can use for­eign in­vest­ment neg­a­tive lists na­tion­wide as soon as pos­si­ble.

The lists — which iden­tify in­dus­tries that are closed to over­seas in­vestors and make com­merce more trans­par­ent — have been pi­loted in some of China’s free trade zones.

China should stip­u­late new fun­da­men­tal laws re­gard­ing for­eign in­vest­ment; re­view laws, reg­u­la­tions poli­cies and doc­u­ments re­gard­ing for­eign in­vest­ment; and abol­ish or re­vise those run­ning against the coun­try’s goal of open­ing up, Xi said.

Speak­ing about China’s for­eign trade, Xi said the coun­try should proac­tively ex­pand im­ports when stabilizing its ex­ports.

The govern­ment should look into low­er­ing tar­iffs of cer­tain con­sumer goods and en­cour­age the im­ports of com­modi­ties that of­fer strong fea­tures and ad­van­tages.

China should fur­ther fa­cil­i­tate free and lib­eral trade and ef­fec­tively ad­dress prob­lems such as the high cost of im­ports brought by the ex­ist­ing sys­tems, the com­pli­cated pro­ce­dures for quar­an­tine and cus­toms clear­ance and the trou­ble in lodg­ing com­plaints,

Xi said.

Xi said the se­quence of open­ing-up in the fi­nan­cial sec­tor should be ar­ranged rea­son­ably.

Open­ing-up should be pro­moted in ar­eas that are help­ful with con­sumer rights and in­ter­ests, re­in­forc­ing or­derly com­pe­ti­tion in fi­nance and pre­vent­ing fi­nan­cial risks, he said.

The coun­try should fur­ther ad­vance the steady in­ter­na­tion­al­iza­tion of there nm in bi and keep its ex­change rate ba­si­cally sta­ble, he added.

Also, China should match its su­per­vi­sion of the fi­nance sec­tor with the open­ing-up, and its sys­tems’ short­com­ings should be ad­dressed, Xi said.

To shape a more open en­vi­ron­ment for busi­nesses, ma­jor cities such as Bei­jing, Shang­hai, Guangzhou and Shen­zhen should gear up re­forms and re­duce in­spec­tions and fines, Xi said.

Lists of fees charged should be drafted, and ir­reg­u­lar, ex­ces­sive, unau­tho­rized or repet­i­tive charges should be banned, Xi said.

In­tel­lec­tual prop­erty is part of a good cor­po­rate en­vi­ron­ment, and the coun­try should boost the qual­ity and ef­fi­ciency in cen­sor­ing in­tel­lec­tual prop­erty, he said, in­di­cat­ing it would cre­ate a more timely man­ner to bring it to the mar­ket.

China should ac­cel­er­ate in­sti­tu­tion build­ing for in­tel­lec­tual prop­erty of emerg­ing ar­eas and sec­tors, and pun­ish­ment against in­tel­lec­tual prop­erty vi­o­la­tion should be tougher to hold the vi­o­la­tors ac­count­able, he added.

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