The State Council of China has unveiled an ambitious “Action Plan to Promote the High-Level Opening up of China to Global Markets and Attract and Apply Greater Levels of Foreign Investment.” This initiative aims to further integrate China’s economy with global markets and enhance foreign investment inflows.
Key measures include a commitment to refine the national management systems for preferential and negative lists concerning foreign investment. Notably, all restrictions on foreign investment in the manufacturing sector will be lifted, while ongoing liberalization in telecommunications and healthcare will continue. Cities with free trade pilot zones, such as Beijing, Shanghai, and Guangdong, will be empowered to select eligible foreign-invested enterprises to expand pilot programs focused on genetic diagnosis and treatment technologies.
The government also plans to deepen access in industries like commercial pension and health insurance, facilitating investments from qualified overseas insurance institutions into Chinese counterparts. Furthermore, foreign investment projects in biomedicine and high-end equipment will be prioritized, receiving supportive policies as part of major foreign investment initiatives.
Additionally, the plan outlines the development of cross-border data transfer standards for the Guangdong-Hong Kong-Macao Greater Bay Area. Major cooperation platforms, including the Guangdong-Macao In-Depth Cooperation Zone in Hengqin and Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone, will foster a cross-border data flow mechanism for enterprises in Hong Kong and Macao. A “whitelist” system for cross-border data flow will also be explored to facilitate seamless data exchange within the Greater Bay Area.- Flcube.com
