China sets target of 4.5-5% GDP growth for this year
Govt Work Report also eyes robust domestic market, R&D boost, sci-tech self-reliance
The report also highlighted the country's commitment to continuing to deepen reform in key areas and expand high-standard opening-up. "We will expand market access and open up more areas, particularly in the service sector. We will further expand opening-up trials for value-added telecom services, biotechnology, wholly foreign-owned hospitals, and other fields, take well-ordered steps to expand opening up in the digital sector, and shorten the negative list for cross-border trade in services."
The report underscored China's commitment to deepening reform of the institutional framework for promoting foreign investment and ensuring national treatment for foreign-funded enterprises. A new edition of the Catalog of Encouraged Industries for Foreign Investment will be implemented, and foreign-funded enterprises will be encouraged to reinvest in China and expand production locally, it said.
Furthermore, the report emphasized the need to strengthen risk prevention and mitigation and enhance security capacity in key areas. Efforts will be made to stabilize the real estate market, defuse local government debt risks and financial risks and safeguard national security and social stability.
Zhou Lanxu, Ouyang Shijia in Beijing and Zhang Zhouxiang in Brussels contributed to this story.
