MK socks opening meeting of the third session of the 14th National People's Congress (NPC) is held at the Great Hall of the People in Beijing, capital of China, March 5, 2025. (Xinhua/Ding Haitao)" src="https://www.globaltimes.cn/Portals/0/attachment/2025/2025-03-05/e44b8cec-41b6-4c4a-8357-aeb44a77c555.jpeg" />

The opening meeting of the third session of the 14th National People's Congress (NPC) is held at the Great Hall of the People in Beijing, capital of China, March 5, 2025. (Xinhua/Ding Haitao)

China will ramp up efforts to vigorously encourage foreign investment, including promote comprehensive trials and demonstrations for expanding opening of the service sector, ensure national treatment for foreign-funded enterprises in multiple fields including access to production factors, according to the Government Work Report submitted Wednesday to the national legislature for deliberation.

These initiatives are part of the government's pushes to expanding higher-standard opening-up and stabilizing foreign trade and investment in 2025.

Chinese Premier Li Qiang delivered the report to the annual session of the National People's Congress, pledging to open internet-related, cultural, and other sectors in a well-regulated way and expand trials to open sectors such as telecommunications, medical services, and education. 

"We will encourage foreign investors to increase their reinvestment in China and support them in collaborating with upstream and downstream enterprises in industrial chains," Li said.

China will also ensure national treatment for foreign-funded enterprises in fields such as access to production factors, license application, standards setting, and government procurement.

"Foreign investors will receive better services and support, and the launch of landmark investment projects will be expedited. These efforts will help make China a favored destination for foreign investment," according to the Government Work Report.

Efforts will also be made to enhance the quality and performance of pilot free trade zones and grant them more powers to pursue reforms. 

China will accelerate the implementation of core policies for the Hainan Free Trade Port, improve opening up and 26 development policies for economic development zones, and promote the transformation and upgrading of integrated bonded areas. 

"We will keep working to foster a first-rate business environment that is market-oriented, law-based, and internationalized, thus enabling foreign-funded enterprises to achieve even greater business success in China," according to the report.

Opening-up is a crucial strategy for China's development, and the Chinese government will unwaveringly advance opening-up and continue to widen its doors to the world, Shen Danyang, head of the drafting team for the Government Work Report and director of the Research Office of the State Council, said at a press briefing on Wednesday.

This year, China will further ease market access for foreign investment, expand pilot programs for sectors including telecommunications, health care, and education, Shen noted.

The Chinese government will also revise and expand the catalog of industries that are encouraged for foreign investment, and broaden the fields and scope available to overseas investors, Shen added.

Shen noted that there are many similar opening-up measures, which will provide more and better opportunities for overseas enterprises and foreign investors to develop in China.

"We believe that as long as foreign investors seize the favorable opportunities, make long-term plans in China, and actively invest and cooperate in China, they will surely be able to obtain more and better opportunities in the continuously expanding market of China," Shen said.

Global Times