CHINA will take a series of new measures this year to solicit more foreign investment, Ning Jizhe, deputy head of the National Development and Reform Commission (NDRC), the country’s economic planner, said yesterday.

The country will greatly relax market access, promote investment facilitation and encourage foreign capital entry in more regions, said Ning at a press conference on the sidelines of the ongoing national legislature’s annual session in Beijing.

The negative list approach to market entry, which states sectors and businesses that are off limits to foreign investment, will be expanded nationwide.

China will fully open up its general manufacturing and substantially improve the opening level of the service sector, Ning said.

The official said the country will ensure fair competition between domestic and foreign enterprises in an all-round way. He also pledged strict protection of intellectual property rights.

More favorable policies concerning capital transfer and land use, which are enjoyed by domestic investors, will be given to foreign firms when they invest in China’s middle, western and northeastern regions, Ning said.

Foreign direct investment in the Chinese mainland hit US$131 billion last year.

International companies which can meet the functional requirements of the Xiongan New Area are welcome, said He Lifeng, head of the NDRC, at the conference.

An administration has been set up and talent recruited from across the country, he said.

“Projects from across the world, which can meet requirements of the noncapital functions from Beijing and high-quality development, are welcome,” said He.

He noted that major infrastructure projects had begun in the new area, including the construction of a rail link with Beijing. Travel time between Beijing and Xiongan will be 30 minutes.

Afforestation in the new area started in the winter, He added.

Xiongan New Area, established in April 2017, is a new economic zone about 100 kilometers southwest of Beijing in Hebei Province. It is the third new area of national significance after the Shenzhen Special Economic Zone and the Shanghai Pudong New Area.

(Xinhua)