Broader opening-up

China has implemented the model of pre-establishment national treatment plus a negative list for foreign investment, according to the Foreign Investment Law.

Zhao said the moves were part of China's broader institutional opening-up efforts and demonstrated China's transition to actively integrate into international economic and trade systems.

"It shows China's determination to shift from commodity and element opening-up to rule-based opening-up in the form of laws and regulations," Zhao added.

In 2022, China fully implemented the shortened negative list for foreign investment, expanded the encouraged investment catalog and added more cities to the pilot program of opening the service sector.

From 2020 to 2022, China dropped laws, regulations and normative documents inconsistent with the Foreign Investment Law, and promoted the establishment, revision and abolition of more than 500 documents, said the National Development and Reform Commission.

A survey by the MOC and www.gov.cn questioning 3,130 foreign firms showed that the implementation of the Foreign Investment Law has boosted expectations and confidence in the Chinese market among nearly 90 percent of respondents.

GLP, a global investment manager and business builder in logistics, data infrastructure, renewable energy and related technologies, has seen its business volume continuously expanding, with assets under management in China hitting $72 billion.

"GLP has witnessed a continuous improvement of the business environment in China, with higher level of internationalization and opening-up," said Zhuge Wenjing, executive vice-chairperson of GLP China. "Our business has achieved sound growth as the country continues to deepen reform and opening-up."

The annual Central Economic Work Conference held in mid-December last year reaffirmed China's resolve on opening-up at a higher level.

The country will make greater efforts to attract and utilize foreign capital, widen market access, promote the opening-up of modern service industries, and grant foreign-funded enterprises national treatment, it was decided at the meeting.

"The conference stressed efforts to attract and utilize foreign capital and made precise arrangements. It is unprecedented in my memory," said Long Guoqiang, deputy head of the Development Research Center of the State Council, China's Cabinet.

On improving the business environment, Long said that more should be done to align high-standard economic and trade rules, and steadily expand institutional opening-up regarding rules, regulations, management and standards.