China will introduce a nationwide negative list for cross-border trade in services to create more market access for global companies, officials said. The number of industries covered by a negative list for foreign investment has been reduced for five consecutive years. The off-limit items for foreign investors were cut to 31 in the 2021 version of the negative list from 33 in the 2020 version, while the 2021 negative list for foreign investment in industries in pilot free-trade zones was reduced to 27 from 30. A negative list refers to specific areas of industry where foreign investors are not allowed to operate. China introduced a negative list for cross-border trade in services at the Hainan Free Trade Port last year.
Addressing a forum during the 2022 China International Fair for Trade in Services (CIFTIS) in Beijing, Vice Minister of Commerce Wang Shouwen said China plans to conclude the negotiations on the World Trade Organization’s multilateral agreement on investment facilitation for development by the end of this year. The value of China’s trade in services jumped 20.7% on a yearly basis to CNY3.39 trillion in the first seven months of the year, according to the Ministry of Commerce (MOFCOM).
Experts discussed investment opportunities arising from the development of the “two zones” in Beijing, seeking greater win-win development at a forum on Beijing Theme Day, part of the 2022 China International Fair for Trade in Services. The two zones – the Integrated National Demonstration Zone for Opening Up the Service Sector and the China (Beijing) Pilot Free Trade Zone – offer development potential for both the host city and entrepreneurs. Some 500 attendees, including 36 trade associations from China and abroad and executives from more than 200 multinationals and leading businesses attended online or in-person. They exchanged insights on how to make use of the favorable policies offered in the two zones and capitalize on Beijing’s advantages in technological innovation, opening-up of the service industry and the digital economy to attract more high-quality service providers to the city.
The forum released a report on investment and development in Beijing and a white paper on the city’s digital trade. They reveal Beijing’s investment hot spots, business opportunities and huge cooperation potential, providing information for investors and entrepreneurs from home and abroad. The two zones were established in September 2022. The Beijing-Tianjin-Hebei National Center of Technology Innovation, China’s first comprehensive national-level technology innovation center, is under construction. Over the past two years, more than 80 landmark projects have been developed in the two zones and a “white list” system for imports in the research and development sector has been launched.
The China-Europe partnership for green growth was emphasized at the China-Europe Innovation Investment Conference during the 2022 CIFTIS. “China's commitment to achieve its dual carbon goals creates the needed momentum to speed up global green growth and fundamentally change the dynamics of our joint efforts to tackle climate change,” Marc Hubsch, Luxembourg's Ambassador to China, said in remarks to the conference. “I stress joint efforts because climate change, biodiversity loss and environmental degradation are existential threats to Europe, China and the whole world. China and the EU have been pulling in the same direction, and the leadership that both China and the EU have shown in this area will further drive the growth of sustainable finance,” the Ambassador said. There will be significant investment opportunities in ecological protection and the low-carbon transition, buoyed by a recent wave of market reforms that have triggered a gradual liberalization and internationalization of China's financial sector, he continued. China and the EU have agreed to strengthen bilateral cooperation in emissions trading, clean energy, climate-related technology and investment in climate and clean energy projects. Wang Yi, Vice President of Renmin University of China, said at the conference that China's economic and trade ties with Europe have extended into high-end technological spheres, including aviation, aerospace and biology. An environmental services section debuted at this year's CIFTIS.
Meanwhile, the fifth World Artificial Intelligence Conference (WAIC) was held in Shanghai. “Shanghai is the center of China’s innovative AI development, and the WAIC has become an important platform for promoting AI industrial communications and collaborations,” said Jin Zhuanglong, newly-appointed Minister of Industry and Information Technology, in a speech via video at the opening ceremony. In the past four years, the event has attracted more than 2,000 guests and featured over 600 corporate participants, while 155 major projects with a combined investment of CNY110.7 billion were signed. “The combined output value of AI enterprises with an annual revenue of CNY20 million or above, has surpassed CNY300 billion,” said Gong Zheng, Mayor of Shanghai. He added that Shanghai has about one-third of the nation’s specialized AI talent, soaring since 2018 from 100,000 to 180,000, while the industrial scale of the city’s AI industry has doubled. Themed “Intelligent Connectivity, Infinite Multiverse”, the Shanghai event has attracted more than 200 exhibitors to showcase their products in a 15,000-square-meter exhibition area. Among them, more than 30% are making their debut, the China Daily reports.
