What’s new: Chinese President Xi Jinping said Beijing will remain committed to its opening-up policy and help other countries share in opportunities in its domestic market.
The recently concluded 20th congress of the Communist Party stressed that China pursues a mutually beneficial strategy of opening up and adheres to the course of economic globalization, Xi said in a video speech at the opening ceremony of the fifth annual China International Import Expo in Shanghai
The country will expand imports of high-quality products, develop new mechanisms for trade in services, and establish pilot zones for e-commerce cooperation with countries under the One Belt, One Road initiative, Xi said.
Xi reaffirmed that China will actively seek to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and the Digital Economy Partnership Agreement and will promote trade and investment liberalization and facilitation.
The background: China’s economy has been facing headwinds stemming from Covid-19 outbreaks and stringent containment measures.
China instructed local governments to facilitate access for international businesspeople to enter the country in a bid to stabilize foreign investment, especially in manufacturing.
Last year, realized foreign direct investment in China’s manufacturing fell 4.6% from 2019, according to data from the Ministry of Commerce. In the first eight months of this year, such investment in the country grew 20.2% year-on-year in dollar terms, data from the ministry show.
Contact reporter Denise Jia (huijuanjia@caixin.com) and editor Bob Simison (bob.simison@caixin.com)
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