CHINA has formulated six major tasks and eight action plans to promote high-quality development of economics and trade in the coming five years, Commerce Minister Zhong Shan said yesterday.

China is a big country in economics and trade in view of its leading indicators in consumption, trade, foreign direct investment and overseas direct investment, but it is far from a strong trader, Zhong told a press conference on the sidelines of the first session of the 13th National People’s Congress.

In order to become strong, China must stick to innovation and take the road of high-quality development, according to Zhong.

Before 2020, China should consolidate its position as a big trader. The goal of becoming a strong trading nation should be basically realized by 2035 and be accomplished in all respects by 2050, Zhong said.

In the coming five years, there are six tasks to fulfil — strengthen the fundamental function of consumption in economic growth, improve the competitiveness of foreign trade, boost two-way investment levels, optimize the regional opening-up pattern, form new international economic and trade relations and make commerce activities better serve people’s livelihood.

Accordingly, China has also made eight action plans, including consumption upgrading, investment innovation, cooperation under the Belt and Road Initiative as well as multilateral regional economic and trade cooperation.

Zhong also said the country will further expand market access for foreign investment and treat foreign companies the same as domestic ones to create an even more open business environment.

“We will further ease the market access for foreign companies and enhance the protection of intellectual property,” said the minister.

Zhong said the ministry will further facilitate foreign investment, including granting the pre-establishment national treatment to foreign companies and implementing the negative list management system. 

(Xinhua)