The speech at the opening ceremony of the annual conference of the Boao Forum on Tuesday indicated China will cut tariffs and open the country further to foreign investment.
Tariffs And Imports
China will significantly lower the import tariffs for vehicles and reduce import tariffs for some other products this year.
© Image | Agencies
The country will work hard to import more products that are competitive and needed by the Chinese people.
China will also seek faster progress toward joining the WTO Government Procurement Agreement.
Meanwhile, China hopes developed countries will stop imposing restrictions on normal and reasonable trade of high-tech products and relax export controls on such trade with China.
IPR Protection
China will strengthen protection of intellectual property rights.
IPR protection is the centerpiece of the system for improving property rights protection, and it will provide the biggest boost to enhancing the competitiveness of the Chinese economy.
© Image | Liu Zheng/xinhua
China is re-instituting the State Intellectual Property Office this year to step up law enforcement, significantly raise the cost for offenders and fully unlock the deterrent effect of relevant laws.
Meanwhile, China hopes foreign governments will also improve protection of Chinese IPR.
Attractive Investment Environment
China will improve the investment environment for foreign investors.
Likening investment environment to air that only fresh air can attract more investment from the outside.
© Image | Zou Hong/China Daily
China will complete the revision of the negative list on foreign investment in the first half of the year and implement across the board the management system based on pre-establishment national treatment and negative list.
In March, China established a host of new agencies such as the State Administration for Market Regulation as part of a major readjustment of government institutions.
The purpose of this readjustment, was to remove the systematic and institutional obstacles that prevent the market from playing a decisive role in resources allocation, and enable the government to better play its role.
Market Access
China will launch a number of landmark measures this year to significantly broaden its market access.
Late last year, China announced that measures would be taken to raise foreign equity caps in the banking, securities and insurance industries.
© Image | Xinhua
China will accelerate the opening-up of the insurance industry, ease restrictions on the establishment of foreign financial institutions in China and expand their business scope, and open up more areas of cooperation between Chinese and foreign financial markets.
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Source | Chinadaily
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