CHINA, facing a possible decline in foreign investment this year, will become more open for international investors and take steps to better protect intellectual property, its Cabinet said.

In recent months, the government has made multiple statements about further opening its economy to outside investment.

A document published on the website of the State Council on Wednesday said that more sectors will be opened to foreign investors, including new energy vehicle manufacturing, ship design, aircraft maintenance and railway passenger transportation.

No details on those sector openings were provided.

The State Council also reiterated that the banking, insurance and securities industries will be further opened to foreign investment, adding that a firm timeline for changes will be set.

On Tuesday, China’s Ministry of Commerce said that foreign direct investment into the country during the January-July period fell 1.2 percent from a year earlier to 485.42 billion yuan (US$72.66 billion).

China will also improve intellectual property protection for foreign investors, the State Council said Wednesday, reiterating a long-standing pledge and adding that punishments for infringement would be increased.

On Monday, United States President Donald Trump authorized an inquiry into China’s alleged “theft of intellectual property” in the first direct trade measure by his administration against China.

The State Council said that China will take steps to ensure foreign investors can freely remit investment gains, including profits and dividends, from the country. (SD-Agencies)