Image Credit: Global Times
China’s National Development and Reform Commission (NDRC) announced plans to implement a new system compatible with a higher-level open economy and accelerate foreign investment usage, according to NDRC Chairman Zheng Shanjie. Talking to Xinhua News Agency on Tuesday, Zheng detailed the measures following the Third Plenum of the 20th CPC Central Committee, which emphasized deepening reforms to advance Chinese modernization.
Zheng stated that openness is crucial for China’s modernization and that fostering reforms through greater openness is necessary to build a new system for a higher-level open economy. The economic reform agenda includes expanding institutional openness, reforming foreign and outward investment management systems, optimizing regional openness, and promoting high-quality cooperation under the Belt and Road Initiative (BRI).
China aims to align itself with international high-standard economic and trade rules, focusing on intellectual property protection and achieving regulatory, management, and standard compatibility. Zheng mentioned plans to expand the catalog of industries encouraging foreign investment and reduce the negative list for foreign investment access. The NDRC will lift restrictions on foreign investment in the manufacturing sector, attract foreign capital, and ensure national treatment for foreign enterprises.
Moreover, Zheng highlighted the accelerated development of the pilot free trade zone in South China’s Hainan Island. The goal is to create a comprehensive open pattern that links land and sea and integrates the eastern and western regions of China.
The NDRC will also enhance the stability and effectiveness of international cooperation under the BRI. Zheng’s statements underscore China’s commitment to an open and modernized economic system through strategic reforms and international cooperation initiatives.
By focusing on these areas, China seeks to foster an environment conducive to foreign investment, drive economic growth, and further integrate into the global economy.