– Proactive steps taken to boost foreign investments

CHINA is committed to “opening up wider to the world” and expanding international economic and trade co-operation to deliver mutually beneficial outcomes, according to the Premier of the country’s State Council, Li Keqiang.

Keqiang, in a detailed report to the First Session of the 14th National People’s Congress of the People’s Republic of China on Sunday, said, in response to changes in the external environment, the Chinese government has pursued a more proactive strategy of opening up the economy and it has worked to boost reform and development.

“We intensified policy support in terms of export tax rebates, credit insurance, and credit loans and cut the time for processing export tax rebates to less than six working days,” the Premier said.

He noted that foreign exchange services have been improved due to these inputs.

Keqiang explained that his government developed new forms of foreign trade, built 152 new integrated pilot zones for cross-border e-commerce, and supported the establishment of overseas warehouses.

In addition to this, Keqiang stated that significant trade events such as the China International Import Expo, the China Import and Export Fair, the China International Fair for Trade in Services, and the China International Consumer Products Expo were held and recorded positive results.

Addressing customs procedures, Keqiang stated that customs clearance procedures have been simplified, and the clearance time for imports and exports was reduced by 67 per cent and 92 per cent, respectively, resulting in the reduction of overall tariffs from 9.8 per cent to 7.4 per cent over the past five years.

Keqiang said that proactive and effective steps were taken to utilise foreign investment through the implementation of the Foreign Investment Law, which, according to him, further improved the business environment for foreign investors.

“21 pilot free trade zones have been established in China… Across all localities, new approaches were developed to strengthen services for promoting foreign investment, and greater efforts were made to attract foreign investment and facilitate project implementation,” he added.

Keqiang describes China as the “favoured destination for overseas investments” as many major foreign investment projects have been launched in our country over the past five years.

BELT AND ROAD COOPERATION
Imports and exports between China and other Belt and Road Initiative (BRI) countries increased at an annual rate of 13.4 per cent, and exchanges and co-operation between China and these countries registered steady progress in various areas.

Keqiang said the Chinese government has “remained committed to achieving shared growth through discussion and collaboration, observed market principles and international rules, and carried out a number of projects to boost connectivity and industrial capacity co-operation over the past five years.”

China’s share of trade with free trade partners increased from 26 per cent to around 35 per cent of its total trade volume.

“We remained firm in upholding the multilateral trading regime and opposed trade protectionism. We properly handled economic and trade frictions and promoted trade and investment liberalisation and facilitation,” Keqiang affirmed.

The 14th National People’s Congress (NPC) is China’s national legislature, with more than 2,900 elected representatives from across China, including from the people’s congresses of provinces, autonomous regions, municipalities directly under the central government, the servicemen congress of the People’s Liberation Army, the deputy election council of the Hong Kong Special Administrative Region, the deputy election council of the Macao Special Administrative Region and the Taiwan compatriots’ consultation election council. Each congress is elected for a term of five years.

The NPC has the authority to amend the Constitution and supervise its enforcement, elect or appoint and remove officers of central state organs, and amend basic laws governing criminal affairs, state organs and other matters. The 14th National People’s Congress (NPC) is expected to conclude on March 13.