CHINA will implement new regulations that aim to make it easier to do business from Jan. 1, 2020, China’s economic planner said Wednesday.

The new policies will guarantee equal market access and protect fair competition in the market. They also promise to strengthen existing protections under the law.

The measures said that foreign and domestic companies should be treated equally, as should all types of market entities regardless of ownership.

China will set up a punitive damage system for infringements on intellectual property, according to the measures. Intellectual property protection is a key issue in negotiations between China and the United States that seek to end a bruising trade spat.

The United States should also improve its business environment to make it more convenient for Chinese firms, Ning Jizhe, deputy head of the National Development and Reform Commission, China’s economic planner, told a news conference.

Public bids and government procurement should be transparent, fair and open to all, the measures said.

“China has a vast market. We welcome firms from every country to increase their economic, trade and investment cooperation with China,” said Ning.

The measures come as recent data point to increasing pressure on China’s economy, which grew at a near-30-year low.

Improving the business environment is important for stable economic growth and employment as it can help stimulate entrepreneurship and innovation, said Ning. (SD-Agencies)