China will further expand and raise the quality of its opening up in 2018, with exacting standards set to be applied as the country seeks high-quality development.
Chinese Premier Li Keqiang outlined the targets for opening up in his government work report delivered Monday to the first session of the 13th National People’s Congress (NPC), China’s top legislature, being held in Beijing from March 5 to 20.
With 2018 marking the 40th anniversary of China’s reform and opening up, Li explained how the country remains dedicated to improving the structure, layout, institutions and mechanism for opening up.
This year also marks the fifth anniversary of the Belt and Road Initiative, and Li underlined China’s commitment to achieving shared growth through discussion and collaboration, while acting on the outcomes of the Belt and Road Forum for International Cooperation.
The premier said that the country will work toward establishing major international corridors while streamlining customs clearance along the routes of the Belt and Road Initiative. Industrial capacity cooperation will be expanded with other countries, allowing Chinese manufacturing and services to go global.
Beyond the Belt and Road Initiative, Li said that China would look to promote steady growth in foreign investment, promising to completely open up the general manufacturing sector. He explained that this would mean foreign investment would have expanded access to sectors such as telecommunications, medical services, education, elderly care and new-energy vehicles.
China’s financial sector will also be further opened up, with restrictions to be eased or lifted on the share of foreign-owned equity in sectors such as banking and securities. Further progress in opening up this year will see both domestic and foreign banks face the same market entry standards.
Building on China’s commitment to globalization and liberal trade, Li outlined how foreign trade will be made more efficient this year, with China set to shorten the time taken for customs clearance while fostering new forms and models of trade.
Li looked ahead to the first China International Import Expo, set to be held in Shanghai in November, while promising an active expansion of imports along with lower tariffs on automobiles and everyday consumer goods.
Reflecting on growing protectionism in the West, he reiterated China’s commitment to economic globalization and free trade. China will look to make progress on international free trade agreements such as the Regional Comprehensive Economic Partnership.
Li said trade disputes should be settled through discussion as equals, underlining China’s opposition to trade protectionism and commitment to resolutely safeguarding its lawful rights.
