As reported, the government announced several creative plans to build Hainan island into an international free trade zone and free port. Next came proposals to give foreign investors full access to China's general manufacturing sector.
All this reaffirms the country's commitment to market liberalization and its role as a key driver of global growth, said business leaders.
The tropical island of Hainan, known for its sandy beaches and resort-dotted coastline, gained prime attention from home and abroad after President Xi Jinping announced on April 13 a grand plan defining the island's future role.
The central government has decided to set up an investment fund to support building a free trade port in Hainan by 2025.
Foreign firms and multinational companies will be encouraged to set up international and regional headquarters on the island, according to a detailed official guideline released on April 14.
The island will gradually phase out sales of traditional gasoline-fueled vehicles, according to the guideline.
China, a top-priority market for many multinationals, will further get integrated into the global economy by allowing foreign companies greater acess to the services industry, including elderly care, health and education. It will lift limits on foreign-owned equity in some areas, and fully open the manufacturing sector, according to the government policies that have been evolving since 2017.
Under the government plan, the general manufacturing sector will be completely opened to foreign participation. Access to sectors like telecommunications, medical services, education, elderly care and new energy vehicles will be expanded.
The Ministry of Commerce also said that China will complete a revision of the negative list for foreign investment in the first half of this year. Areas not on the negative list are presumed to be open to foreign investors.
From 2013 to 2017, China contributed more than 30 percent of world economic growth, more than the combined contributions of the United States, Japan, and the eurozone, according to World Bank data.
China has also pledged to expand imports, a major and a more direct way to share its development opportunities with the world. (Source: China Daily)
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