Country raises bar as it deepens reform and expands opening-up
China will take proactive actions to deepen reform and fully align with the high-standard rules of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and the Digital Economy Partnership Agreement, according to Wang Shouwen, vice-minister of commerce, on Saturday.
"The nation will make higher-level openness commitments in the field of market entry, and through providing more market entry opportunities with commercial interests, it aims to share the dividends from its market opening-up with members of the free trade agreements," Wang said.
Wang made the remarks via video link in an address to the APEC China CEO Forum 2021, an event celebrating the 30th anniversary of China's accession into the Asia-Pacific Economic Cooperation.
CPTPP is an 11-nation high-standard free trade agreement covering almost all aspects of trade and investment, and DEPA is a new type of trade partnership agreement on digital trade, with rules on fields including digital inclusion, data flows and protection, and artificial intelligence. China officially applied to join the two FTAs in September and November, respectively.
China will further reduce items on the negative lists for foreign investment this year. It will expand market entry for foreign investors and strengthen promotion and protection of investment, Wang said.
He also said China, a firm supporter of multilateralism, will facilitate the World Trade Organization to reform toward right direction.
The nation will take an active and open-minded manner to engage in WTO negotiations on sectors such as digital trade, trade and environment, industrial subsidies, and State-owned enterprises, to safeguard the core role of multilateralism in the formation of global rules, according to him.
"China will deepen reform and expand opening-up with concrete actions, to pursue health-quality development and make more contributions to the world economic," he said.
The forum event was jointly held by the China Council for the Promotion of International Trade, the China Chamber of International Commerce, and APEC China Business Council.
