China to take new measures to boost foreign investment

China will take a series of new measures this year to solicit more foreign investment, Ning Jizhe, deputy head of the National Development and Reform Commission, said on Tuesday.

Head of the National Development and Reform Commission (NDRC) He Lifeng (C), deputy heads of the NDRC Zhang Yong (R) and Ning Jizhe, take questions during a press conference on innovation and improvement of macro-economic control and promotion of high quality development for the first session of the 13th National People's Congress in Beijing, capital of China, March 6, 2018. [Photo/Xinhua]

The country will greatly relax market access, promote investment facilitation and encourage foreign capital entry in more regions, said Ning at a press conference on the sidelines of the national legislature's annual session.

The negative list approach to market entry, which states sectors and businesses that are off limits to foreign investment, will be expanded nationwide.

China will fully open up its general manufacturing and substantially improve the opening level of the service sector, Ning said.

The official said the country will ensure fair competition between domestic and foreign enterprises in an all-round way. He also pledged strict protection of intellectual property rights.

More favorable policies concerning capital transfer and land use, which are enjoyed by domestic investors, will be given to foreign firms when they invest in China's middle, western and northeastern regions, Ning said.

Foreign direct investment in the Chinese mainland hit US$131 billion last year.