Big News! President Xi Jinping Announces A Series of Open Measures at Opening Ceremony of CIIE
On November 5, the opening ceremony of the 1st China International Import Expo (CIIE) was held in Shanghai. President Xi Jinping made a thematic speech at this state-level exposition which has been the first exposition with import as its theme in the world so far. Further reduce the tariff, add the new section of China (Shanghai) Pilot Free Trade Zone, set the science and technology innovation board and pilot the registration system in Shanghai Stock Exchange…in order to further expand the opening-up, President Xi announced many measures that China would vigorously promote in his speech. Let’s take a look.
1. China will further reduce the tariff, improve the convenience of customs clearance, cut the systematic cost in the importing link, and accelerate the development of such new business forms and new modes as cross-border e-commerce.
2. China International Import Expo not only shall be held every year, but also shall be held with good quality, high efficiency and get better and better
3. China is steadily expanding the opening-up of its financial sector; continuously promoting the opening-up of its service sector; deepening the opening-up of its agriculture, mining industry and manufacturing industry; accelerating the opening-up progress of such areas as telecommunication, education, medical service and culture; will relax the restriction to the stock ratio of foreign capital especially in such areas as education and medical services which are concerned about by foreign investors and have a large gap in the domestic market.
4. It is predicted in the upcoming 15 years, China’s imported goods and services will respectively exceed USD 30 Trillion and USD 10 Trillion
5. China will accelerate the launch of investment regulations for Taiwan merchants, perfect the open and transparent foreign-related legal system, fully and deeply implement pre-admission national treatment plus the negative list management system.
6. China will protect the legal rights and interests of foreign-funded enterprises, resolutely and legally punish the acts of infringing on the legal rights and interests of foreign merchants, especially infringing on the intellectual property right, improve the intellectual property right review quality and review efficiency, introduce the punitive compensation system, and significantly improve the illegal cost
7. China will support the deepened reform and innovation of the Free Trade Zone, continue to deepen the differential exploration, enhance the pressure test, and give play to the role of the Free Trade Zone as a pilot plot of reform and opening-up.
8. China will catch time to research and present the policy and system of building the Free Trade Zone in Hainan by the step and by the stage, and accelerate to explore the progress of building a free trade zone with Chinese characteristics.
9. A new section of China (Shanghai) Pilot Free Trade Zone will be added, to encourage and support Shanghai to boldly innovate and explore in promoting the freedom and convenience of investment and trading, and accumulate more replicable and propagable experience for the whole country
10. The science and technology innovation board will be set and the registration system will be piloted in Shanghai Stock Exchange, support the construction of Shanghai International Financial Center and Technology Innovation Center, and constantly improve the basic system of the capital market.
11.China will support the Yangtze River Delta to develop integrally and be upgraded into a national strategy; focus on implementing the new development philosophy, constructing the modern economic system, and promoting the deepened reform at a higher starting point and the opening-up at a higher level; match the development of the region with the construction of “The Belt and Road”, the collaborative development of Beijing-Tianjin-Hebei, the development of Yangtze River Economic Zone and the construction of Guangdong-Hong Kong-Macao Greater Bay Area; perfect the spatial layout of China’s reform and opening up
12. China always advocates firmly upholding the rules of the World Trade Organization (WTO), supporting the necessary reform of WTO, and jointly defending the multilateral trading system
13. China is willing to promote the early conclusion of a regional comprehensive economic partnership agreement, accelerate to promote BIT, and accelerate the negotiation process of China-Japan-Korea Free Trade Area.
14. China will earnestly implement the “eight major initiatives” proposed at Beijing Summit of 2018 Forum On China-Africa Cooperation.
15. China supports G20, APEC, SCO, BRICS and other mechanisms to play a greater role, and promotes the global economic governance system to develop towards a more just and reasonable direction.