China to continue to widen opening up, make cuts to negative list

China will continue to widen opening-up and guide foreign firms to invest in areas like energy conservation, modern services and advanced manufacturing in its market next year, according to the ministry of commerce. The government will make appropriate reductions to the negative list for foreign investment, said ministry spokeswoman Shu Jueting.

China will actively seek to join high-standard economic and trade agreements, follow relevant rules, regulations, management and standards, and steadily expand institutional opening-up, the official said.

The Central Economic Work Conference, which concluded last week in Beijing, pledged to make more efforts to attract and utilise foreign capital, widen market access and grant foreign-funded enterprises national treatment.

"China will continue to optimise the structure of foreign investment, implement the new version of the cataloguw of industries to encourage foreign investment and guide global businesses to invest in key areas including high-end manufacturing, modern services, environmental protection, and technological innovation in 2023," she told an online news conference.

The ministry said the actual use of foreign direct investment on the Chinese mainland expanded by 9.9 per cent on a yearly basis to 1.16 trillion yuan ($165.99 billion) during the January-November period, while investment from South Korea and Germany climbed by 122.1 per cent and 52.6 per cent year on year respectively.

Shu said China will intensify efforts to conduct trials on advanced platforms like pilot free trade zones and national economic and technological development zones, and accelerate the replication and promotion of pilot experience in other parts of the country next year, official Chinese media reported.

Foreign-funded companies in China saw their export value grow 2.4 per cent year on year to 6.87 trillion yuan during the January-November period, said the general administration of customs.