China welcomes better business environment with opening up to higher standards

BEIJING, November 3, 2022 /PRNewswire/ — The 5th China International Import Expo (CIIE) to be held November 5th to 10th in shanghaiwill welcome big companies from all over the world.

According to the CIIE Bureau and General Administration of Customs, over 280 of the world’s top 500 companies and industry giants will attend the event, of which nearly 90 percent are repeat attendees from last year.

Since 2018, the annual fair has served as an open channel for international investment and procurement, part of of China Drive to open its market to the world.

“Promoting high-level opening-up” is emphasized in a report to the CCP’s 20th National Congress, which said China should “steadily expand the institutional opening in terms of rules, regulations, management and standards”.

Exhibitors at the four previous events introduced more than 1,500 new products, technologies, service items and concluded preliminary deals worth more than $270 billionaccording to the Department of Commerce.

Many high-tech products will make their debut, including Tesla’s Optimus humanoid robot, which applies powerful computer vision technology on par with cars, and Evonik Industries AG’s photosensitive resin 3D printers, which can be used to produce tough and impact-resistant materials are suitable.

A booming consumer market

CIIE opens up opportunities for companies around the world to enter the Chinese market, which is growing rapidly due to rising incomes and purchasing power among Chinese consumers.

2021, of China GDP per capita increased to approx 81,000 yuan ($11,203) and per capita disposable income has more than doubled since 2012, official data shows.

More people are now moving into the middle-income bracket, with over 400 million middle-income people in 2022 compared to 100 million a decade ago.

The growing purchasing power shows the potential of the Chinese market that companies can access, whether they are big-name multinationals or small start-ups.

of China Trade in goods and services expanded $4.4 trillion 2012 to $6.9 trillion ranked number one in the world in 2021.

In the same period, of China actual use of foreign investment increased by nearly 63 percent. More than 47,000 companies have been set up with foreign direct investment (excluding banks, securities and insurance companies), up 23.5 percent year-on-year, official data shows.

Optimization of the business environment

In recent years, China has seen an improvement in its business environment through the improvement of market regulation services. In a 2020 World Bank report on the ease of doing business China Ranked 31st out of 190 countries and regions, up from 78th in 2018.

2019, China has issued the Business Environment Optimization Regulation, the first official document that clarifies the relationship between intellectual property rights protection and the business environment.

Under the regulation, domestic investors and market participants will be protected, and foreign individuals and companies can also obtain a valid patent or trademark from China’s IP administration offices if they comply with intellectual property legislation.

In 2021, six economically developed cities have been selected to take the lead in developing an international consumption hub. The government also released a new policy in 2022 to ease the burden on small businesses and protect the legitimate rights of market participants.

Opening at a high level

Since the implementation of the Foreign Investment Law in 2020 China has taken measures to encourage foreign investment and encourage higher-level opening-up, including facilitating market access for trade in services and investment and increasing the share of trade in goods with zero tariffs.

Until now, China has signed 19 free trade agreements with 26 countries and regions, and trade volume between China and its free trade partners account for about 35 percent of the country’s total foreign trade, official data shows.

China introduced its first foreign investment negative list back in 2017, which refers to a document describing industries that are banned or restricted for private investment by companies.

The last version of the negative list, published in 2021, reduced the number of restrictive measures from 33 to 31 and for the free trade zones from 30 to 27. The shortened list is part of of China Efforts to open up more to attract foreign investment.

“Over the last decade, China has made full use of domestic and foreign markets and resources to expand its foreign trade and economic cooperation…and create a new paradigm of outward opening,” the company said Chen Jian‘an, Vice Chairman of the China Council for the Promotion of International Trade at CGTN.

Hosting major exhibitions such as CIIE demonstrates of China Initiative to open up the market to the world, he added.

https://news.cgtn.com/news/2022-11-03/CGTN-China-embraces-better-business-environment-with-higher-standard-opening-up-1eEWZKjTi7e/index.html

SOURCE CGTN

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