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We Will Promote the Construction of Free Trade Ports in Pilot Free Trade Zones in 2019

Ministry ofCommerce: We Will Promote the Construction of Free Trade Ports in Pilot FreeTrade Zones in 2019

On February 12, the reporter learned at the pressconference on commerce work and operation aspect of 2018 that last year China’s actual use of foreign capital was 885.6 billion CNY, equivalent to 135 billion USD,which increased by 3% and grew under the circumstance that global transnationalinvestment decreased by 19%. On the key emphases in commerce work of 2019, ViceMinister of Ministry of Commerce Qian Keming said that the Ministry of Commercewould continue to promote the construction of pilot free trade zones andexplore the construction of free trade ports, expand comprehensive opening-up,and promote the transformation of commodity and factor cycle opening-up intoinstitutional opening-up of rules.

Previously, Assistant Minister of Ministry of Commerce Ren Hongbin said atthe Press Conference of the State Council Information Office that theconstruction of pilot free trade zones was a milestone in the process of China’sreform and opening-up, Ministry of Commerce would study and implement theguiding principles of the Central Economic Working Conference and make moreefforts to promote the construction of pilot free trade zones and explore theconstruction of free trade ports with Chinese Characteristics step by stepaccording to the decisions and arrangements of the Party Central Committee andthe State Council.

According to Ren Hongbin, In 2019, the Ministry of Commerce will explorethe construction of free trade ports with Chinese characteristics, promote theestablishment of new areas of Shanghai Pilot Free Trade Zone and theformulation of plans, further reduce special management measures for foreigninvestment access in pilot free trade zones, work out and introduce policymeasures to further promote the opening-up and innovative development of pilotfree trade zones, and form more high-quality replicable experience tocontribute to the formation of a higher level of open economic pattern.

Director of the Foreign Investment Department of the Ministry of CommerceTang Wenhong said that the work to revise the Catalog of Industries forEncouraging Foreign Investment had been officially initiated, which would guideforeign capital to invest more in modern agriculture, advanced manufacturing,high-tech and modern service industries to promote the high-quality developmentof China’s economy. The Ministry of Commerce will improve the investmentpromotion service system, guide local governments to carry out more targeted,efficient and specialized investment promotion activities in combination withthe characteristics of local development including exerting the influence ofpilot free trade zones and national economic and technological developmentzones. In addition, more attention should be paid to strengthening dialogue andcommunication, and the problems foreign enterprises reflected should beresponded to in a timely manner; the revision of Patent Law will beaccelerated, which is now under deliberation of the NPC.

Tang Wenhong also introduced that in 2019 the Ministry of Commerce wouldfully implement the measures for opening-up China announced at the First ChinaInternational Import Expo and the guiding principles of Central EconomicWorking Conference to comprehensively and thoroughly implement the managementsystem of “pre-establishment national treatment + negative list”, strengthenthe protection of the legitimate rights and interests of foreign investors, onwhich a series of provisions were made in the new Foreign Investment Law, andcreate an international first-class environment for foreign investment.

Qian Keming pointed out that in 2019 the Ministry of Commerce wouldthoroughly implement the guiding principles of Central Economic WorkingConference, focus on the eight-character policy of supply-side structuralreform of “consolidate, enhance, upgrade and smooth”, continue to fight the “threecritical battles”, implement the requirements of the “six stables” and do itsbest in “one promotion, two stabilities and three key points”. It would promotethe formation of a strong domestic market, expandall-round opening-up, promote the construction of a strong economic and tradecountry, accelerate the high-quality development of commerce and greet the 70thanniversary of the founding of New China with outstanding achievements.

Source: Economic Information