Wang Yang: China will Continue to Promote the Construction of a More Open, Regulated and Transparent Business and Investment Environment

On November 22, 2016 local time, Vice Premier Wang Yang, who was attending the 27th China-US Joint Commission on Commerce and Trade in Washington D.C. of the US, pointed out in his keynote speech at the China-US Business Luncheon that China will continue to push forward the construction of a more open, regulated and transparent business and investment environment.

Wang Yang said that China's market is becoming more open. In July 2013, China decided to conduct Bilateral Investment Treaty negotiations with the US based on the model of pre-establishment national treatment plus a negative list. And shortly thereafter China set up the first pilot free trade zone in Shanghai to explore the negative list-based foreign investment management system. The 190 special management measures of the 2013 negative list were cut down to 122 in the 2015 version. Such progress can well prove that China is ready to open its market ever wider.

Wang Yang noted that China's business environment is more regulated than before. Intellectual property right (IPR) protection is a typical example. Since 2013, China has investigated and handled more than 1 million infringement and counterfeiting criminal cases and sentenced more than 70,000 people. Acting on the decision taken at the third plenary session of the 18th Communist Party of China Central Committee, China has opened IPR courts in Beijing, Shanghai and Guangdong. The three courts have handled close to 30,000 IPR infringement cases so far.

Wang Yang said that China's policies and regulations are becoming increasingly transparent. Pursuant to the newly revised Legislation Law adopted last year, public comment must be sought for any draft law. In fact, the Chinese side has fully listened to the views of various sides, including US companies and relevant institutions, and incorporated their reasonable suggestions in making laws and regulations concerning cyber security and foreign non-governmental organization management and in introducing policies related to drug regulation and technology innovation.

Wang Yang expressed that President Xi Jinping has stressed many times that "China will not change its policy of utilizing foreign investment and protecting the legitimate rights and interests of foreign invested companies in China. Nor will we change our policy direction of providing better services for foreign companies to invest in China." This is a solemn promise made by the top Chinese leader and the Chinese government. China would not have come this far in comprehensive national strength and people's well-being had it not been for opening-up. We will unswervingly implement this right basic state policy.

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