China to expand opening up, encourage foreign trade

China to expand opening up, encourage foreign trade as the government work report was presented to the national legislature for discussion.

China remains dedicated to its policy of opening up, regardless of external circumstances, according to a government work report presented on Wednesday to the national legislature for discussion.

Premier Li Qiang delivered the report on behalf of the State Council at the third session of the 14th National People’s Congress in Beijing.

The report emphasizes plans to systematically expand institutional opening, advance unilateral opening in an orderly way, and drive reform and development through increased openness.

Stabilizing Foreign Trade

To ensure stable foreign trade, the government will implement measures that support businesses in securing orders and exploring new markets. These efforts include enhancing financial services for trade-related transactions such as financing, settlement, and foreign exchange. The government also plans to expand export credit insurance coverage and assist businesses in participating in overseas exhibitions.

For the growth of cross-border e-commerce, China will strengthen logistics services, improve cross-border delivery efficiency, and accelerate the establishment of overseas warehouses.

Additionally, efforts will be made to integrate domestic and international trade, addressing challenges related to standards, certifications, and market access. The government will promote service exports while increasing imports of high-quality services.

New trade sectors, such as green trade and digital trade, will be nurtured, and regions with suitable conditions will be encouraged to develop offshore trade.

China will continue hosting major trade events like the China International Import Expo, the China Import and Export Fair, and the China International Consumer Products Expo, ensuring high-quality organization.

Furthermore, the development of “smart customs” will be promoted to streamline customs clearance procedures.

Boosting Foreign Investment

To attract more foreign investment, China will expand pilot programs and demonstration projects for opening up the service sector.

Industries including internet-based services, culture, telecommunications, healthcare, and education will be gradually opened under regulated conditions. Foreign investors will be encouraged to reinvest in China and collaborate with enterprises across industrial supply chains.

The government will ensure equal treatment for foreign-funded enterprises in areas such as access to production resources, licensing, standards setting, and government procurement. Foreign investors will receive better support services, and key investment projects will be expedited to solidify China’s position as a preferred destination for investment.

China remains committed to creating a world-class business environment that is market-driven, legally sound, and globally competitive, ensuring greater success for foreign-funded enterprises operating in the country.