China vows to further expand foreign investment

Beijing, China – China will further expand its high-level opening up, offering more opportunities for foreign investors to engage in deeper operations in the country, the Ministry of Commerce said Monday.

As China continues to lift market access restrictions in the manufacturing sector, it will also promote the opening up of sectors such as telecommunications and medical care to create more trade and investment opportunities for foreign investors, Vice Commerce Minister Guo Tingting said at the China Development Forum 2024.

The country will also launch a campaign to boost investment, continue to optimize services, and fully ensure national treatment for foreign-funded enterprises, Guo said.

"We will further enhance innovation drive and actively participate in global industrial and supply chain cooperation," Guo said, adding that efforts will be made to develop new technologies, industries and business models, expand service trade and digital trade, and promote the innovative development of enterprises.

Guo noted that China will deepen multilateral and bilateral cooperation and work for more practical outcomes in mechanisms such as G20, APEC and BRICS so that the results of economic globalization can better benefit all parties.

China is also planning to step up efforts to expand its global network of high-standard free trade areas in 2024, building on significant accomplishments in negotiating free trade agreements (FTAS) over the past year.

Chinese Vice Commerce Minister Wang Shouwen told a recent press conference that China has already inked 22 FTAS with 29 countries or regions, and the combined trade value with those countries and regions accounted for one-third of China's total.