China opens up to foreign business

Updated 2017-06-28 09:25:39 Shanghai Daily
A guest at the Summer Davos tries out head gear at the augmented reality show area during the summit in Dalian yesterday. In a speech, Premier Li Keqiang said China had achieved better-than-expected results in driving mass entrepreneurship and innovation. (Xinhua)

A guest at the Summer Davos tries out head gear at the augmented reality show area during the summit in Dalian yesterday. In a speech, Premier Li Keqiang said China had achieved better-than-expected results in driving mass entrepreneurship and innovation. (Xinhua)

China is to increase access to the service and manufacturing sectors, relax restrictions on foreign ownership and treat Chinese and foreign companies on an equal basis, Premier Li Keqiang said yesterday.

He was speaking at the opening ceremony of the Annual Meeting of the New Champions 2017, also known as Summer Davos, in the northeast port city of Dalian.

China will be proactive as regards opening up and create a business environment that is internationally competitive, Li added.

To make it easier for foreigners to set up enterprises, China will test a process whereby Chinese and foreign companies can register at the same place, Li said.

Domestic and foreign companies will also enjoy the same policy support when doing business in China.

"All companies registered in China will be eligible to enjoy the same supportive policies that China offers in accordance with WTO rules to push forward the 'Made in China 2025' strategy and promote technological innovation," he said.

Foreign companies are encouraged to use profits from the Chinese market to invest in China, he said, but they can choose to take their profits out of China without restriction. "[Foreign-funded firms], I believe, will reap generous profits if you reinvest what you earned here in China," Li said.

China will also encourage multinational corporations to set up regional headquarters here, and encourage foreign firms to invest more in central, western and northeastern parts of the country, Li said.

The premier also said the Chinese economy, with its steady, long-term growth and gradual openness, will generate more opportunities for other countries, and China will remain the most attractive destination worldwide for investment.

In the next five years, China will import goods worth US trillion, he added.

Countries must safeguard economic globalization to achieve inclusive growth, Li said. Free trade should be the basis of fair trade, he said. Holding back free trade would not bring fair trade.

Trade disputes should be dealt with according to the different situations in different countries, Li said.

"Based on the principal of equal consultation, mutual understanding and accommodation, as well as equal treatment without discrimination, countries must seek convergent interests and complement each other's advantages to achieve win-win results," Li said.

"Neither should we impose unilateral rules on others, nor politicize fair trade," he said.

Li underpinned the positive role of globalization in promoting the free flow of merchandise, capital and human resources, which creates a bigger market for producers and more choices for consumers that benefit all countries.

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