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China to expand opening-up despite COVID-19 impact: commerce minister



Source: Xinhua

China will continue to broaden market access and open up its service sector as part of efforts to keep foreign investment stable amid the COVID-19 epidemic, the country's commerce minister said Monday.

Noting that the pandemic has inevitably brought challenges to cross-border investment, Minister of Commerce Zhong Shan said at a press conference that the country will take various measures to stabilize foreign investment.

China will roll out incentives to attract foreign investment into the country's central and western regions as well as the old industrial bases in the northeast regions, which have abundant development potential with the help of government supportive measures, Zhong said.

The country will expand the scope of pilot free trade zones, give them greater autonomy in their reform, and further accelerate the construction of a free trade port in south China's Hainan Province, Zhong said.

The ministry will also focus on implementing the Foreign Investment Law, creating a fair and competitive market environment for foreign investors, he said.

China has abundant and high-quality labor resources, a mature and supportive industrial system and a market with a population of 1.4 billion, all of which are advantages in attracting foreign investment, Zhong said.

"No smart entrepreneurs will give up the huge Chinese market," he said.