President Xi confirms further opening up of foreign investment

China will expand its high-standard opening-up and fully implement the negative list for foreign investment, President Xi Jinping said in a keynote speech via video link at the opening ceremony of the Boao Forum for Asia Annual Conference 2022. Xi said the country will expand the encouraged catalog for foreign investment, improve services for promoting foreign investment and add more cities to the comprehensive pilot program for expanding the opening-up of the service sector. No matter how the world changes, China’s faith in and its commitment to reform and opening-up will not waver, he added. Xi said the Chinese economy enjoys strong resilience, enormous potential and vast room for maneuvering, and the country’s long-term economic fundamentals remain unchanged, providing great dynamism for the stability and recovery of the world economy and broader market opportunities for all countries.

Sang Baichuan, Dean of the Institute of International Economy at the University of International Business and Economics, said the keynote speech showcased China’s strong commitment to expanding high-level opening-up and building an open world economy. China is expected to further open up the service sector to the rest of the world, take a more proactive approach to align with high-standard international economic and trade rules and take more steps to optimize the business environment for foreign investors. Sang said the coming into force of the Regional Comprehensive Economic Partnership (RCEP) and China’s application to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) also demonstrated China’s commitment to openness, which will enhance regional integration and cooperation in Asia and greatly boost the economic recovery of trade and investment.

Sang’s views were echoed by Huang Yiping, Deputy Dean and Professor of the National School of Development at Peking University, who said the Chinese economy has benefited significantly from reform and opening-up during the past few decades, and it will continue to serve as a key driving force to boost further growth. “As President Xi Jinping reiterated in his opening speech, China will continue to open up to the outside world at a higher level, and push forward the negative list for foreign investment access. This makes AstraZeneca and other multinational companies more determined to put down roots in and cooperate with China,” said Leif Johansson, Chairman of AstraZeneca. China’s steady economic growth will provide people with confidence in world economic growth, he added.