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China has vowed to remove all market access restrictions on foreign investment in manufacturing sector, marking an important step to further expand high-level opening up.
The decision was announced by Chinese Premier Li Qiang when he delivered a government report on behalf of the State Council at the opening meeting of the second session of the 14th National People's Congress on Tuesday in Beijing.
In an interview with China Media Group (CMG), Dong Yu, executive vice dean of the China Institute for Development Planning at Tsinghua University, acknowledged the crucial role of China's manufacturing sector, and has an eye for the integration of China's manufacturing capabilities with foreign markets.
"Manufacturing is our advantage, and at the same time, we need to accelerate the transformation and upgrading of manufacturing industry. Encouraging more foreign investment in China's manufacturing sector will not only effectively promote the improvement of our manufacturing capabilities but also facilitate the integration of China's manufacturing capabilities with foreign markets and advanced management experience. It is also an important breakthrough to enhance overall level of opening up and promote the dual circulation," Dong said.
According to the government report, China is also committed to relaxing market access in sectors like telecommunications and healthcare services, and allowing foreign and domestic investors equal access to industries not included in the negative list in accordance with the law.
Furthermore, more efforts will be made to facilitate cross-border travel, streamline the procedures for foreign personnel entering China for work, study, and tourism, and expedite the resumption of international flights.