Economy

China to open further to outside world

(Xinhua)
Updated: 2010-10-28 17:22

BEIJING - China will be more open to the outside world and continue to pursue a win-win strategy of opening up in the next five years, the Communist Party of China (CPC) Central Committee proposed in a document released Wednesday.

"China will positively and further open up as the country is working to pay equal attention to imports and exports, as well as attracting foreign investment and investing abroad," says the CPC Central Committee document.

The document, the Communist Party of China (CPC) Central Committee's Proposal for Formulating the 12th Five-Year Program for China's Economic and Social Development (2011-2015), was adopted at the Fifth Session of the 17th CPC Central Committee, providing the basis for shaping the country's development in the next five years.

China will optimize its foreign trade structure while stabilizing and expanding external demand by improving the structure of the exports sector and developing new competitiveness in technology, branding, quality and service, it says.

Imports should also be promoted, so as to pursue a trade balance, maintain a macroeconomic balance and boost economic restructuring, it says.

China will improve the quality of foreign investment utilization, with better "soft environment" for foreign investors and further protection on investors' legitimate rights and interests, says the proposal.

The country will take steady steps to open more service sectors to foreign investors, including logistics, education, healthcare, sports and financial sector, it says.

Related readings:  China seeks trade balance, not surplus  Import drive to be launched  Profit exports import tax cuts  China's Sept export growth slows

China will accelerate the pace in implementing the "going global" strategy and support all kinds of enterprises to invest abroad by offering more services and guidance, it says.

The country should make efforts in developing multi-national companies and international financial institutions, while enhancing the renminbi's role in cross-border trade and investment, says the proposal.

China will actively participate in global economic governance and regional cooperation in the next five years by promoting reforms in the global economic system, and help establish a trade regime that promotes a balanced development, shared benefits and win-win progress, it says.

"China opposes trade protectionism in all forms," it added.

China will push forward regional cooperation and expedite the implementation of its free trade area strategy, while strengthening pragmatic cooperation with developing nations and emerging countries, and providing more economic aid to developing ones, it says.