When China enters the new era, it will open even wider to the rest of the world, Chinese Premier Li Keqiang said at a press conference Tuesday morning after the conclusion of the annual legislative session in Beijing.
The Chinese economy is so integrated into the global economy that closing the doors would only block China’s own way, he said.
As Chinese President Xi Jinping made clear at the World Economic Forum last year, China will continue to uphold free trade and maintain opening up and reform as a basic state policy, Li said.
Amid rising trade protectionism around the world, Li announced that China will reduce tariffs and ease market restrictions.
To open wider to the world, China aims to further bring down overall tariffs on imported goods, Li said, noting China plans zero tariffs on medication, especially much needed anti-cancer drugs.
As for trade in services, China plans to further widen market access to some fields, including elderly care, healthcare, education and financial services, Li said.
In addition, China will also further ease or lift foreign-owned equity limits in some areas, he said.
Meanwhile, China’s manufacturing industry will be fully open without mandatory requirements for handing over technology, Li said, noting intellectual property rights will be protected even better.
China will further shorten its “negative list” of restricted sectors for overseas investment, and will merge the three existing laws governing foreign investment into one basic law.
This move will honor China’s commitment to providing market access and equal treatment for foreign investors, according to Li.
In terms of reform and opening up, Li said the current policy aims to ensure that both domestic and foreign investors can compete in a fair market.
Reform and opening up will provide Chinese consumers with more options, and further upgrade China’s goods and services in its pursuit of high-quality development.