China to become more open, transparent, predictable for foreign investment: Premier

Chinese Premier Li Keqiang said Tuesday that the country will become more open, transparent and predictable for foreign investment, and its business environment will further improve.

Chinese Premier Li Keqiang addresses the opening ceremony of the Annual Meeting of the New Champions 2019, also known as the Summer Davos Forum, in the city of Dalian, northeast China's Liaoning province, July 2, 2019. [Photo/Xinhua]

Li made the remarks when addressing the opening ceremony of the Annual Meeting of the New Champions 2019, also known as the Summer Davos Forum, in the city of Dalian.

"China will unswervingly promote opening-up on all fronts," Li said.

The country will support foreign investment in advanced manufacturing industries such as electronic information, equipment manufacturing, medicine and new materials, and in the central and western regions, Li said, adding that favorable policies will be unveiled concerning the equipment imported for self-use, corporate income tax and land supply.

The premier said China will remove caps on foreign ownership of brokerages, futures dealers and life insurers by 2020, a year ahead of the previous plan, as part of efforts to further open up the financial and other modern service industries.

Foreign investors' access to value-added telecommunications and transportation will also face fewer restrictions, he said.

Li also pledged to implement the commitment to give national treatment to foreign-funded institutions in areas of credit information, credit rating and payment. The two-way opening of China's bond market will also be expanded, he said.

He said the country will gradually reform the yuan exchange rate formation mechanism and promote the capital account convertibility.

China will keep the yuan's exchange rate basically stable at a reasonable and balanced level, and the country will not resort to competitive currency devaluation, the premier said.

The country will further lower the overall level of tariffs, strive to remove non-tariff barriers, and actively expand imports of goods and services.

Li said the country is formulating supporting regulations for the implementation of the foreign investment law, all of which are going to come into effect on Jan. 1 next year.

China will protect intellectual property rights with greater efforts, implement the system of punitive damages of infringement and strictly crack down on infringement and counterfeiting.