Policies boost confidence of global firms

This aerial photo taken on July 4, 2022 shows the Volkswagen Anhui MEB (Modular Electric Drive Matrix) plant under construction in the Hefei area of the pilot free trade zone (FTZ) in East China's Anhui province. [Photo/Xinhua]

Market observers, executives welcome measures unveiled at key meeting

China's efforts to build an institutional system conducive to high-level opening-up and to seek to join high-standard economic and trade deals will further boost market expectations and the confidence of global companies in 2023, market observers and corporate executives said on Monday.

The remarks emerged in response to a series of pro-growth policy measures outlined by top policymakers during the tone-setting Central Economic Work Conference, which pledged to make greater efforts to attract and utilize foreign capital, widen market access, promote further opening-up of modern service industries and grant foreign-funded enterprises national treatment.

The meeting, which concluded on Friday in Beijing, said that China will actively seek to join high-standard economic and trade agreements such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and the Digital Economy Partnership Agreement.

To reach these goals, China will further adhere to the standard economic and trade rules, create a more market-oriented and law-based business environment, and open even wider to multinational corporations next year, said Zhao Ping, deputy head of the Academy of China Council for the Promotion of International Trade in Beijing.

Despite external uncertainties, China's policies to boost domestic demand and take follow-up measures to stabilize the economy will continue to attract foreign direct investment, as well as ensure the operation of global supply and industrial chains next year, said Gao Lingyun, a researcher at the Institute of World Economics and Politics, which is a part of the Chinese Academy of Social Sciences in Beijing.

The actual use of FDI in China expanded to 1.09 trillion yuan ($156.09 billion), a year-on-year increase of 14.4 percent, during the January-October period of 2022, data from the Ministry of Commerce showed.

A key report delivered at the opening session of the 20th National Congress of the Communist Party of China stressed that China will make appropriate reductions to the negative list for foreign investment, protect the rights and interests of foreign investors in accordance with the law and foster a world-class business environment that is market-oriented, law-based and internationalized.