What’s new: China will further open up its markets and optimize the business environment for foreign companies, according to a written speech President Xi Jinping submitted to the Asia-Pacific Economic Cooperation (APEC) CEO Summit in San Francisco Thursday.
“We will further shorten the negative list on foreign investment and fully ensure national treatment for foreign investors,” the speech said.
Xi added that China will promote the free and orderly flow of data in compliance with the law, according to a copy of the speech published by the Chinese foreign ministry.
Beijing will also improve policies affecting foreigners’ entry and stay in China, including removing hurdles found in financial, medical and digital payment services, the speech said, while extending an invitation to businesses across the world to invest and deepen their footprint in China.
The background: Xi is visiting the U.S. this week for a summit with his U.S. counterpart Joe Biden as the two sides seek to stabilize ties. During that trip, the Chinese president also attended the 30th APEC summit in San Francisco.
China will remove all restrictions on foreign investment in the manufacturing sector and will establish free trade agreements with more countries, Xi said in October during the Third Belt and Road Forum for International Cooperation in Beijing.
In September, the country’s top internet regulator issued draft rules exempting qualifying companies that transfer data overseas from security assessment applications under certain circumstances, as the stringent policies have become a burden to some of those operating in China.
Contact reporter Kelly Wang (jingzhewang@caixin.com) and editor Michael Bellart (michaelbellart@caixin.com)
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