News News

Nation to fully open up manufacturing sector

日期: 2019-03-26
浏览次数: 0

China will fully open the manufacturing sector and treat foreign companies in the same way as their Chinese counterparts, the country's top industry regulator said on Monday.

The move is part of China's broader push to pursue greater opening-up for win-win cooperation and to create a level-playing field for all players.

Minister of Industry and Information Technology Miao Wei said at the China Development Forum that establishing open partnerships is one of the keys to seeking the high-quality development of manufacturing in China.

'China's push to upgrade its sprawling manufacturing sector could bring new opportunities to foreign companies and more efforts will be made to create an open and transparent business environment for them to invest and do business in China,' Miao said.

Last year, the authorities announced a string of policies to remove the cap on overseas ownership of joint ventures in the automotive and other sectors in China. In 2018, actual use of foreign capital in manufacturing reached $41.2 billion, up 22.9 percent year-on-year.

China also lowered the tariff on imported industrial products last year. Beginning from July 1, the 20-25-percent tariffs for imported vehicles were cut to 15 percent, and duties on auto parts were lowered to 6 percent from the previous levels of 8 to 25 percent. At the same time, duties on more than 8,000 types of industrial products were also lowered to different extents.

Earlier this month saw the approval of the Foreign Investment Law, which is aimed at better protecting the rights of foreign investors.

Zhang Yansheng, a senior researcher with the Beijing-based China Center for International Economic Exchanges, said at a forum earlier this month that China's manufacturing sector is already a very open and competitive market, with private companies and foreign enterprises accounting for more than 70 percent share of the market.

'Though it will take time for the country to transform from a big manufacturer into a manufacturing power in terms of high-quality growth, the past four decades have seen China's consistent efforts to open its sprawling market to foreign manufacturers,' Zhang said.

Last year, a number of major foreign-funded projects were launched in China, including US auto giant Tesla Inc's 50-billion-yuan ($7.42 billion) plant in Shanghai.

Miao said the country is considering a further expansion of market access to telecom and other industries, with more business scope open to foreign companies.

Qu Xianming, an expert at the National Manufacturing Strategy Advisory Committee, said: 'China is still a hot choice for foreign investment. The government's push to create a pro-business environment will help overseas companies better tap into the huge market.'


Share to:
News / Recommended news More
2019 - 08 - 24
More cooperation measures expected to facilitate access to bond marketsChina and Russia have agreed to strengthen cooperation in the financial sector, particularly in the bond market, with an aim of jointly supporting global economic growth following a high-level bilateral financial dialogue that ended this week.'Russia will actively consider the issuance of yuan-denominated bonds on the Moscow Ex...
2019 - 08 - 23
A Chinese rail company has started selling low-emissions freight containers that keep cold without the need for fuel-generated refrigeration.Hebei-based transport business CRRC Shijiazhuang sold 49 of the containers to a manufacturer in China this month, having developed a prototype last year in collaboration with academics from the University of Birmingham in the United Kingdom.The new container ...
2019 - 08 - 22
A State Council executive meeting in June decided to further facilitate customs clearance and continue to optimize the business environment at ports.China will streamline the integrated customs clearance process by implementing a two-step customs declaration mode: a simplified declaration before customs release, and then a complete declaration within a time frame.The two-step customs declaration m...
2019 - 08 - 21
BEIJING - China's steel production is set to decline significantly in the latter half of 2019 after reaching a record high in the first half, Fitch Ratings says in its latest report.Crude steel and steel-product output rose 9.9 percent and 11.4 percent to 492 million tons and 587 million tons, respectively, in the first six months, the ratings agency cited data from the National Bureau of Statisti...
Phone: 86-510-85750782 
Zip code:214031
Address: Room 3606, Block A, Yunhe East Road 555, Wuxi, Jiangsu Province, China
Copyright ©2018 - 2021 Leonzon International Trading Co., Ltd.
犀牛云提供企业云服务