Commerce Minister: China to enhance foreign investment and trade

China pledged to take measures to ensure stable growth of the country’s foreign investment and foreign trade in 2021, as it sees a better-than-expected economic upturn despite disruptions caused by the pandemic, the country's top commerce official said.

China will firmly expand opening-up and continue measures to widen market access to stabilize foreign investment, said Wang Wentao, the nation's newly appointed commerce minister.

According to Wang, the Ministry of Commerce will implement the revised negative list on foreign investment and the catalog of industries where such investment is encouraged.

The ministry will also increase pilot projects for opening up the service industry and innovate national economic development zones, Wang said.

“We will fully implement the Foreign Investment Law and its supporting laws and regulations, improve China’s foreign investment reporting system, allow working mechanisms for complaints by foreign-invested companies, as well as protect foreign companies’ intellectual property rights and legitimate interest,” the minister said.

Led by China, the Regional Comprehensive Economic Partnership Agreement was officially signed in November, bringing into being the world’s biggest free-trade area.

A week before, the China-EU investment treaty was inked, a balanced, high-level and mutually beneficial investment agreement was made to boost China-EU cooperation.

“We have more and more free trade partners, and see a higher level of opening-up,” Wang said.

Now, China has signed 19 free trade agreements with 26 countries and regions. The country’s trade volume with free trade partners accounts for about 35 percent of its total, he added.

Wang noted the ministry will plan more free trade agreements, and China is considering joining the Comprehensive and Progressive Trans Pacific Partnership.

According to Wang, China will scale up zero-tariff treatments on trade in goods and widen market access on the service trade and investment.

To stabilize foreign trade, China will establish national innovation demonstration zones on promoting import trade, and advance pilot projects on service trade innovation, the minister said.

Moreover, China will negotiate with countries involved in the Belt and Road Initiative to set up working groups to promote unimpeded trade, expand overseas warehouses and strengthen the construction of international marketing system, he added.