China to further open up its economy to foreign investors: premier

DALIAN -- China will further expand market access in the service and manufacturing sectors, relax restrictions on foreign ownership, and treat Chinese and foreign companies on an equal basis, Premier Li Keqiang said Tuesday.

Li made the remarks when delivering a speech at the opening ceremony of the Annual Meeting of the New Champions 2017, also known as Summer Davos, in the northeastern coastal city of Dalian.

China will be proactive with opening up and create a business environment that is internationally competitive, Li said.

Foreign companies are also encouraged to use profits from the Chinese market to invest in China, he said, adding that they can choose to take their profits out of China without any restrictions, he said.

China will also encourage multinational corporations to set up regional headquarters in China, and encourage foreign firms to invest more in central, western and northeastern China, the premier said.

The Chinese economy with its steady, long-term growth and gradual openness will generate more opportunities for other countries, and China will remain the most attractive destination for investment, Li said.

In the next five years, China will import goods worth 8 trillion U.S. dollars, he added.

From Tuesday to Thursday, around 1,500 politicians, officials, entrepreneurs, scholars, and media representatives from over 90 countries and regions will assemble to discuss topics from inclusive growth to the new industrial revolution.

The meeting, themed "Achieving Inclusive Growth in the Fourth Industrial Revolution," will focus on how technology and policy innovations can accelerate a more inclusive style of economic growth that prioritizes meaningful job creation and sustainable development.

Established by the World Economic Forum in 2007, the forum is held each year in China, alternating between the port cities of Dalian and Tianjin.