Chinese President Xi Jinping reaffirmed Beijing’s commitment to an open policy

“China is committed to openness, which is its fundamental policy, a policy that will never change. The world economy has faced more instability and uncertainty this year. Protectionism and unilateralism are on the rise. However, China It has not stalled in its search for openness,” Xi said when speaking at a virtual summit of the Asia-Pacific Economic Cooperation Forum (APEC).

Referring to measures taken to further open up the Chinese economy, Xi mentioned:

• the reduction of so-called negative lists, which limit or prohibit foreign investment in some sectors;
• the constant facilitation of access to the financial market;
• the development of a master plan for the development of the Hainan Free Trade Port;
• as well as a greater degree of openness in Shenzhen and Pudong.

“I wish to reiterate that China’s commitment to openness is strong and China will further open its doors to the world. China will continue to push forward the liberalization and facilitation of trade and investment, to conclude, through negotiation, free trade agreements with more countries and to actively participate in bilateral, multilateral and regional mechanisms for cooperation on trade and investment,” he said.

Xi assured that “China will improve its foreign investment management system” and “will protect the legitimate rights and interests of foreign investors.”

He also promised that “China will further cut tariffs and transaction costs set by the government, and open a series of demonstration zones to creatively promote import trade and increase imports of quality goods and services.”