'Rules, Institutions' Emphasized

'Rules, Institutions' Emphasized



China will give greater emphasis to opening-up based on rules and institutions, in a bid to pursue high-quality growth and assure an international competitive edge to its business environment, said Vice-Minister of Commerce Qian Keming. The approval of the Foreign Investment Law is a recent example of China's commitment to promoting institutional opening-up, and experts hoped detailed regulations will come out soon. At the ongoing China Development Forum 2019 in Beijing, Qian said the country will improve the opening-up process based on the "flow of goods and factors of production", and give greater emphasis to opening-up based on rules and related institutions. Institutional opening-up means opening up in a more systematic way, Qian said during a panel discussion on Sunday. China approved the Foreign Investment Law this month to better protect foreign investors' rights. Under the law, China will treat foreign and Chinese enterprises equally. The law bars forced technology transfers and stipulates strict protection of the intellectual property of foreign-invested enterprises. It stipulates that foreign businesses will receive standard national treatment in setting up businesses, subject to a negative list system that regulates market access.

Source: China Daily

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