Boao Forum to unite nations for sustainable economic development

The Boao Forum for Asia 2019 conference aims to unite Asian countries, seek solutions and consensus in maintaining sustainable economic development given the uncertainties of this year's economic outlook, according to Li Baodong, secretary general of Boao Forum for Asia, at a press conference on Tuesday."Asian countries should work together to usher the Belt and Road Initiative into a new stage," said Li, adding that the nations should also promote WTO reform and improve the international competitiveness of the Asian countries.One of the highlights of this year's forum is to provide intelligence support to the Hainan FTZ, Li said, adding that experts from international FTZs are invited to contribute their thoughts and experiences this year to the construction of Hainan FTZ.On the construction of the Hainan Free Trade Zone, which was initiated last year, Li said China will build the Hainan FTZ with its own features and characteristics. "We have a very good start with support from all over the country," Li said.Themed as Shared future, Concerted action, Common development, the Boao forum has attracted more than 2,000 attendees from over 60 countries and regions worldwide, including 14 heads of state and more than 140 ministerial-level officials, Li added."Thousands of entrepreneurs, many from the Fortune 500 companies, as well as experts will contribute their views and thoughts on boosting Asian and the world economy at the upcoming four-day forum," the secretary general said.Source: China Daily

Investment law to ensure level playing field

China will continuously amend the negative list regarding foreign investment in the country and improve the mechanisms through which global investors can express their complaints to facilitate the implementation of the newly passed Foreign Investment Law, said a senior commerce official.Although the Foreign Investment Law doesn't contain too many clauses, its primary function, as a fundamental law, is to build a framework to protect the rights and interests of global businesses, said Li Chenggang, assistant minister of commerce.The Ministry of Commerce is currently in partnership with the Ministry of Justice and other related ministries to formulate detailed rules based on the basic principles and clauses of the Foreign Investment Law, according to the official.Li said the law would play a crucial role in enabling a better business environment in China."However, we can by no means improve our business environment merely by resorting to the Foreign Investment Law," said Li. "We must ensure the implementation of other laws like those on intellectual property right and civil affairs, as well as those cracking down on criminal offenses."China promulgated its first law to regulate foreign investment-related issues in 1979 when reform and opening up just started. The country has promulgated some other laws and regulations since then. They were called the "three law framework" governing foreign investment in China.With the continuous deepening of the reform and opening-up process, these laws and related regulations were adjusted. For instance, they were amended in 2001 when China was preparing to join the World Trade Organization, and the government made adjustments to the application of relevant laws when the country set up the first pilot free trade zone and implemented the negative list model on a trial basis in 2013."China's legal system governing foreign investment has been keeping pace with changes on the ground. In particular, we need to introduce the system of pre-establishment national treatment and negative list for foreign investment. Such new strategic goals naturally call for the commensurate improvement of the country's legal system," said Li.As China is granting national treatment to foreign investment in a more comprehensive manner, many systems should be stipulated by other laws and regulations that are applicable to both home and foreign investment alike, said Xue Rongjiu, deputy director of the Beijing-based China Society for WTO Studies.The law will explicitly support global companies in China in carrying out more independent innovation and market expansion, as well as partner with domestic companies to develop both Chinese and third-party country markets in economies related to the Belt and Road Initiative, he said.China currently is home to more than 2,000 regional headquarters, research and development centers of multinationals, showing their confidence in and recognition of the country's business environment. Foreign direct investment in China rose 3 percent year-on-year to $135 billion in 2018, data from the Ministry of Commerce show.

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Wuhan speeds up internationalization

Wuhan, Central China's Hubei province, will promote high-quality development and accelerate its internationalization, said mayor Zhou Xianwang at a China Development Forum sub-forum in Beijing.Wuhan is prioritizing the construction of a new highland for the development of world-class industrial clusters in optoelectronic information, automobiles and parts, biomedicine and medical equipment, and environmental protection, Zhou said.In its latest chapter of scientific and technological revolution and industrial transformation, the city will spare no effort in creating a platform for international technological innovation in optoelectronic information, digital design and manufacturing, and biosafety and technology, said Zhou.To make Wuhan Central China's gateway for international businesses, the city is building a global logistics hub, the mayor said, adding that Wuhan would like to strengthen supply chain cooperation to promote the construction of international and interconnected infrastructure in the city.The city is also making every effort to create a globalized and convenient business climate, fully compliant with international laws, for international investors, said the mayor.Zhou outlined how Wuhan will fully implement the Foreign Investment Law, deepen reform to facilitate investment and trade, and apply the pre-access "national treatment plus negative list" management system.Foreign companies not on the negative list will be treated as equals with Chinese companies, Zhou said.Themed Greater Wuhan: Embracing the World, the event attracted over 100 business leaders from 30 international companies, professors from world-famous universities, and government officials.

China to enact policy to ensure success of Foreign Investment Law: Premier

China will introduce measures to help implement its high-profile Foreign Investment Law, Chinese Premier Li Keqiang said Friday.The Foreign Investment Law, adopted by the second session of the 13th National People's Congress, the country's top legislature, is designed to protect the rights and interest of foreign investors and to attract further foreign investment into China, Li said.This law will regulate government behavior, requiring government to perform its functions in accordance with the law, Li told reporters at a news conference after the annual meeting.Li said the government will introduce a series of regulations and documents to protect the rights and interests of foreign investors to ensure the law is implemented smoothly.Opening-up is the country's fundamental national policy, which has delivered real benefits to Chinese people and the world, Li said.Moving forward the country will continue to listen closely to views from various parties, keeping the door open, he said.China will adopt a policy of pre-established national treatment, along with a negative list management system, which will be shortened in time, Li said.A negative list defines areas where investment is limited or prohibited for foreign investors, with all other areas presumed open.Source: China Daily

China will further promote and protect foreign investment

Promote all-round opening up and foster new advantages in International Economic Cooperation and Competition.Promote the steady improvement of foreign trade and diversification of the export market. Expand the coverage of export credit insurance. Reform and improve new business support policies such as cross-border e-commerce. Promote the innovation and development of service trade, guide the transformation and upgrading of processing trade, transfer to the central and western regions, and play a good role in the comprehensive bonded zone. Optimize the import structure and actively expand imports, and accelerate the improvement of customs clearance and facilitation.Increase the intensity of attracting foreign investment. Further relax market access, reduce the negative list of foreign investment access, and allow more areas to implement Wholly Foreign-owned Enterprises. We will implement reform and opening up measures in industries such as finance and improve the open policy of the bond market. Accelerate the docking with internationally accepted economic and trade rules, improve policy transparency and consistency of implementation, and create a fair market environment for equal participation and fair competition between domestic and foreign-funded enterprises. Strengthen the protection of foreign legal rights and interests. China's investment environment will certainly get better and better, and the opportunities for enterprises from all over the world will surely increase.Promote trade and investment liberalization and facilitation. Accelerate the construction of a high-standard free trade zone network, promote regional comprehensive economic partnership agreements, China-Japan-Korea Free Trade Area, and China-EU investment agreement negotiations, and continue to promote Sino-US economic and trade consultations. China adheres to mutually beneficial cooperation and win-win development and has consistently advocated the settlement of trade disputes through equal consultation.