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China’s State Council (Cabinet) has announced a wide range of measures to attract foreign investment, including targeted measures such as expanding market access in high-tech and financial sectors, facilitating cross-border data flows, and promoting international business travel. announced a plan.
Experts say the concrete plan shows China’s determination to further open up and will boost confidence among foreign investors, citing Western media reports that foreign investment is withdrawing from the Chinese market. refuted the claim.
The action plan calls for steadily promoting high-level opening up and making greater efforts to attract and utilize foreign capital. It consists of five sections and includes 24 measures, including expanding investment access to high-tech and financial sectors, strengthening policy and tax support, promoting fair competition, facilitating the flow of data and business talent, This includes harmonization of regulations and high-level international trade regulations.
Wang Peng, an associate researcher at the Beijing Academy of Social Sciences, told the Global Times on Tuesday that the action plan shows the Chinese government’s determination and efforts in attracting foreign investment, which will be proactive in further promoting high-level opening-up. He said that he is playing a role. .
Wang said this will increase opportunities for foreign investors to enter and participate by expanding access to the Chinese market and reducing operating costs.
Li Yong, a senior researcher at the China International Trade Association, told the Global Times on Tuesday that the items mentioned in the action plan will improve the business environment for foreign companies and make foreign companies’ investments in China more cost-effective. He said it was aimed at.
According to the action plan, China will support the flow of data between foreign companies and their headquarters in China, and ensure the orderly flow of cross-border data related to research and development, production and sales. This will promote and ensure the flow.
Wang said measures to support data flows between foreign-funded enterprises and their headquarters will improve the efficiency of global resource use and decision-making, and demonstrate China’s commitment to data security and privacy.
Efficient investment data transmission will make it easier for foreign companies in China to exchange opinions with headquarters and make investment decisions easier, Li said.
China will also provide more convenience for foreigners to work and live in the country, making business travel easier. The validity period of entry visas for foreign company managers, engineers, their accompanying spouses, and minors will be extended to two years.
China also plans to accelerate the resumption of international flights at major aviation hubs such as Beijing, Shanghai and Guangzhou in southern China’s Guangdong province.
Wang added that promoting business personnel exchanges, such as extending visa validity periods and resuming international flight operations, will strengthen cooperation between Chinese and foreign companies and reflect China’s openness to international exchanges.
The action plan also encourages foreign companies to increase investment in high-tech industries and provides certain policy support to foreign investments for participation in major semiconductor, biomedical and high-end equipment projects.
Support foreign-invested enterprises to participate equally in national key research and development programs and other national science and technology programs.
“China has always been open to global free trade and is proactive in providing opportunities for advanced technology to the Chinese market, rather than hoarding it with a hegemonic mindset. It’s in stark contrast to the country,” Lee said.
According to the plan, China will expand the participation of foreign financial institutions in the banking and insurance sector, expand the range of foreign financial institutions participating in the domestic bond market, and further establish a pilot program for qualified overseas limited partners to invest in China. implement. .
Foreign companies are increasing investment in China, thanks to efforts to boost confidence. According to official data, 4,588 new foreign companies were established nationwide in January, an increase of 74.4% from the previous year.
These numbers indicate that China’s door to overseas investment will continue to widen. With the continuous growth of China’s economy and expanding market, China will provide more business opportunities and development space for foreign companies, Wang said.
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