Speakers:
Mr. Wu Hao, secretary-general of the National Development and Reform Commission (NDRC)
Mr. Zhu Bing, director general of the Department of Foreign Investment Administration at the Ministry of Commerce
Mr. Hua Zhong, a person in charge of the Department of Foreign Capital and Overseas Investment at the NDRC
Ms. Zhou Yu, a person in charge of the International Department at the People's Bank of China
Mr. Jia Tongbin, a person in charge of the Department of Foreigners Management at the National Immigration Administration
Chairperson:
Ms. Shou Xiaoli, deputy director general of the Press Bureau of the State Council Information Office (SCIO) and spokesperson of the SCIO
Date:
March 20, 2024
Shou Xiaoli:
Ladies and gentlemen, good afternoon. Welcome to the regular briefing on the State Council's policies held by the State Council Information Office (SCIO). The Action Plan to Steadily Promote High-Level Opening-Up and Enhance Efforts to Attract and Utilize Foreign Investment has already been released to the public. To provide deeper insights, we are pleased to invite Mr. Wu Hao, secretary-general of the National Development and Reform Commission (NDRC), to introduce the action plan's details and answer your questions. Also attending today's briefing are Mr. Zhu Bing, director general of the Department of Foreign Investment Administration at the Ministry of Commerce; Mr. Hua Zhong, a person in charge of the Department of Foreign Capital and Overseas Investment at the NDRC; Ms. Zhou Yu, a person in charge of the International Department at the People's Bank of China; and Mr. Jia Tongbin, a person in charge of the Department of Foreigners Management at the National Immigration Administration.
Now, let's give the floor to Mr. Wu for his introduction.
Wu Hao:
Thank you, Ms. Shou. Good afternoon. Recently, the General Office of the State Council issued the Action Plan to Steadily Promote High-Level Opening-Up and Enhance Efforts to Attract and Utilize Foreign Investment. Yesterday, the full text was published on the Chinese government's official website. Next, I will briefly introduce the relevant information to you.
General Secretary Xi Jinping emphasized that China will continue to improve its level of opening up, build a new system for a higher-level open economy, and consistently create a business environment that is market-oriented, law-based and international. This year's government work report pointed out that we will promote alignment with high-standard international economic and trade rules, steadily expand institutional opening-up, ensure the overall stable performance of foreign trade and foreign investment, and foster new strengths in international economic cooperation and competition.
To thoroughly implement the guiding principles of important instructions made by General Secretary Xi Jinping, as well as the decisions and arrangements of the Communist Party of China (CPC) Central Committee and the State Council, the NDRC and the Ministry of Commerce, in collaboration with relevant departments, have adhered to a problem-oriented approach. We have widely solicited opinions and suggestions from foreign-funded enterprises, and deeply analyzed difficulties and bottlenecks, as well as demands and hopes expressed by various parties. In light of the new circumstances and requirements, we actively planned a new round of more vigorous policies and measures to attract foreign investment, culminating in the formulation of the action plan.
In recent years, the Chinese government has continuously intensified its efforts to open up, launching a series of policies to stabilize foreign investment and optimize the environment for foreign investors. The introduction of the action plan once again demonstrates our high regard for attracting foreign investment, enhancing beneficial interactions with the global economy through high-level opening-up, and bolstering international investors' confidence in investing in China through concrete actions. The action plan adopts pragmatic measures to attract more foreign investment by expanding market access, facilitating the flow of innovation factors, and aligning with high-standard international economic and trade rules.
First, it further expands the space for foreign investment. The action plan proposes expanding market access and increasing the level of liberalization for foreign investments. A new version of the negative list for access of foreign investment will be introduced, continuing to reduce restrictions on foreign investment access. Additionally, pilot access programs will be launched in areas of great concern to foreign enterprises, such as health care and value-added telecommunications. At the same time, more qualified foreign institutions will be supported to conduct business in areas such as banking, insurance and bond funds.
Second, it further optimizes the business environment. The action plan proposes optimizing the environment for fair competition and providing good services to foreign-funded enterprises. It pushes for the effective implementation and execution of relevant policies, issues rules for fair competition reviews in the field of bidding and tendering, and focuses on eliminating local protectionism and ownership discrimination. It also introduces standards for government procurement of domestic products, requiring that products produced by both domestic and foreign-funded enterprises that meet the standards be treated equally in government procurement activities. Additionally, the action plan proposes improving the scientific rigor of administrative enforcement and promptly correcting irregular administrative enforcement actions.
Third, it further enhances the facilitation of cross-border factor flows. The action plan proposes facilitating the flow of innovation factors and promoting innovation cooperation between domestic and foreign-funded enterprises. Regarding the travel of business personnel, the action plan specifies that the visa validity period for management and technical personnel in foreign-funded enterprises, as well as their accompanying spouses and minor children, will be extended to two years. Additionally, it will provide greater convenience for foreign talents, facilitating their work, stay, residence and permanent residence in China. In terms of data flow, the action plan will promote the safe and orderly cross-border transmission of data related to research and development, production and sales of foreign-funded enterprises. It will also develop data transfer standards for the Guangdong-Hong Kong-Macao Greater Bay Area to facilitate convenient data flow within the bay area.
Next, the NDRC and the Ministry of Commerce will work with various regions and government departments to ensure the effective implementation of the action plan. We welcome foreign-funded enterprises and all sectors of society to provide suggestions and feedback on the implementation of the action plan. We will consider the satisfaction of enterprises and the public as a significant benchmark, striving to create a world-class business environment that is market-oriented, law-based and international, and provide service guarantees for foreign-funded enterprises investing and operating in China.
That is all for my introduction. Thank you.
