THE General Office of the State Council has released an action plan to steadily promote high-level opening up and make greater efforts to attract and utilize foreign investment.

The plan underscores the vital role of foreign investment in advancing the modernization of China and stimulating both the domestic economy’s prosperity and the global economy’s growth.

Embracing the new development concept fully, accurately, and comprehensively is essential to its success, according to the action plan. Moreover, it calls for crafting a market-driven, legally grounded international business environment that reinforces foreign investors’ confidence in their potential for growth within China.

Outlined within the action plan are 24 strategic measures spanning five key areas. They include broadening market access, increasing foreign investment appeal, ensuring equitable competition, smoothing the flow of innovation factors, and harmonizing domestic regulations with high-quality international economic and trade standards.

The country will reduce its negative list for foreign investment reasonably and initiate pilot programs to relax foreign entry thresholds in scientific and technological innovation.

There will also be a focus on enlarging the accessibility of foreign financial institutions within the banking and insurance sectors and widening the range of operations for foreign financial institutions in the domestic bond market, the action plan says.

The country has also vowed to expand the Catalog of Encouraged Industries for Foreign Investment and the list of key foreign-funded projects, aiming to provide enhanced policy support to attract more foreign investment.

Furthermore, measures will be taken to support data flows between foreign-funded enterprises and their headquarters, facilitate exchanges of international business personnel, and improve the management of work and residence permits for foreign nationals.

(Xinhua)