NEWSLETTER Issue IV of 2018
2018/04/11

 

Highlights of the keynote speech of

President Xi Jinping at the opening ceremony of the Boao Forum for Asia Annual Conference 2018

On April 10, Chinese President Xi Jinping delivered a keynote speech at the opening ceremony of the Boao Forum for Asia Annual Conference 2018 on Tuesday. Here are some highlights of the speech:

1. China's door of opening-up will not be closed and will only open even wider. China will adopt the following major measures to pursue further opening. We have every intention to translate them into reality, sooner rather than later.

2. To significantly broaden market access:

--On manufacturing, China has basically opened up this sector with a small number of exceptions on automobiles, ships and aircraft. Now these industries are also in a position to open up. Going forward, we will ease as soon as possible foreign equity restrictions in these industries, automobiles in particular.

--On services, financial services in particular, important announcement was made at the end of last year on measures to raise foreign equity caps in the banking, securities and insurance industries. We will ensure that these measures are materialized

--China will accelerate the opening-up of the insurance industry, ease restrictions on the establishment of foreign financial institutions in China and expand their business scope, and open up more areas of cooperation between Chinese and foreign financial markets.

3. To create more attractive investment environment

--We established a host of new agencies such as the State Administration for Market Regulation as part of a major readjustment of government institutions this past March, the purpose of which is to remove the systematic and institutional obstacles that prevent the market from playing a decisive role in resources allocation and enable the government to better play its role.

--In the first six months of this year, we will finish the revision of the negative list on foreign investment and implement across the board the management system based on pre-establishment national treatment and negative list.

--China will enhance alignment with international economic and trading rules, increase transparency, strengthen property right protection, uphold the rule of law, encourage competition and oppose monopoly.

4. To strengthen IPR protection

--This year, we are re-instituting the State Intellectual Property Office to strengthen the ranks of its officers, step up law enforcement, significantly raise the cost for offenders and fully unlock the deterrent effect of relevant laws.

--We encourage normal technological exchanges and cooperation between Chinese and foreign enterprises, and protect the lawful IPR owned by foreign enterprises in China.

5. To expand imports

--This year, we will significantly lower the import tariffs for automobiles and reduce import tariffs for some other products.

--This November, we will hold the first China International Import Expo in Shanghai. It is not just another expo in an ordinary sense, but a major policy initiative and commitment taken of our own accord to open up the Chinese market.

--We will import more products that are competitive and needed by our people. We will seek faster progress toward joining the WTO Government Procurement Agreement.

6. China's hopes

--China hopes foreign governments will also improve protection of Chinese IPR.

--China does not seek trade surplus; we have a genuine desire to increase imports and achieve greater balance of international payments under the current account.

--China hopes developed countries will stop imposing restrictions on normal and reasonable trade of high-tech products and relax export controls on such trade with China.

Click Here to read the full speech.

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Embassy of the People's Republic of China

3505, International Place, NW Washington DC, 20008

chineseembassyspokesperson@gmail.com

Your comments are welcome.

 

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