CPC: China to further open up its economy

BEIJING - China will further open up its economy by broadening market access, boosting regional cooperation and opening up its interior and border cities, according to a policy document published by the Communist Party of China (CPC) Central Committee on Friday.

The document, with the title "decision on major issues concerning comprehensively deepening reforms," was approved by the Third Plenary Session of the 18th CPC Central Committee, a four-day key meeting which ended on November 12.

CPC Third Plenary Session

According to the document, China will widen market access for foreign investors. The country will keep investment policy stable, transparent and predictable.

It said more efforts will be made to open up services sectors including finance, education, culture and health.

Investment restrictions will be eased for child-care and old-age care, architectural design, accounting and auditing, commercial logistics and e-commerce, and the general manufacturing sector will also become more open.

The document acknowledged the China (Shanghai) Pilot Free Trade Zone as a significant move to push forward reform and opening-up, saying the government will choose a number of other eligible locations to develop free trade zones on the basis of existing experiment.

It said China will encourage enterprises and individuals to invest overseas.

China will allow companies and individuals to contract overseas construction and labor service projects at their own risks and endorse innovative ways of going abroad that include greenfield investment, mergers and acquisitions, portfolio investment and joint investment. It will speed up negotiations on signing investment agreements with related countries and regions, reforming investment approval process and improving the system of consular protection.

Starting from its neighbors, China will quicken its pace of implementing the strategy of free trade area (FTA), it said.

Systems on market access, customs control, inspection and quarantine will be reformed, and talks concerning issues such as environmental protection, investment protection, government procurement and e-commerce will be launched.

The mainland will also further open up and cooperate with Hong Kong, Macau and Taiwan.

To seize opportunities amid changes of global industrial landscape, China will push forward the coordinated development of trade, investment and technological innovation of interior China, the document said.

Current practices of processing trade in inland regions will be innovated to boost local industrial clusters and hinterland cities will enjoy more international passenger and freight routes.

Ports, cities and economic cooperation zones on borders will enjoy special policies concerning person-to-person exchange, logistics and tourism, it said.