President Xi Jinping said Beijing will “substantially cut” restrictions on market access for foreign investment, as China works to reinvigorate its slowing economy.
His remarks, made at a meeting Wednesday of the Asia Pacific Economic Cooperation in Manila, come as the country faces criticism from foreign firms over obstacles to market access and what critics see as Beijing’s unwillingness to sufficiently protect the intellectual property rights (IPR) of multinationals, Reuters reported.
“We will step up reforms of the foreign investors management system, substantially cut restrictions on market access for foreign investment, improve IPR protection, and foster an open, transparent, fair and highly efficient market environment,” Xi said.
“Here I would like to reiterate that China’s policy on welcoming foreign investment will not change, nor will its protection of the legitimate rights and interests of foreign-invested companies, or its commitment to provide better services for them.
“China’s door to the outside world will forever stay open.”
Xi said the fundamentals of China’s economy remain positive, the economy is proving resilient to the pains of deepening reform and there is ample room to fend off downward pressure.
He said the world economy was beset with uncertainties, with growth continuing to fall short of expectations.
The world’s second-largest economy grew 6.9 percent in the third quarter from a year earlier, the weakest pace since the global financial crisis, hurt partly by cooling investment.
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