China to publicize 2024 negative list for foreign investment: NDRC head

Zheng Shanjie, head of the National Development and Reform Commission, said on Sunday that China is accelerating to publicize the negative list for foreign investment for 2024, a move to further promote the nation's cross-border service trade and high-quality opening-up.

Zheng made the remarks during his speech at the 2024 China Development Forum (CDF), being held in Beijing which drew more than 110 foreign guests, including leaders of the World Bank and the IMF, corporate executives and scholars, aimed to fulfill China's commitment to globalization and showcase the country's untapped potential.

Zheng's speech focused on boosting high-quality economic development by fostering new quality productive forces, noting that working and cooperating with China will bring more business opportunities.

Zheng stated that China's huge market demand, powerful manufacturing industry, and fast-growing innovation capability will generate huge market potential for foreign enterprises operating in China, and delivering win-win results.

This year's Government Work Report, approved by the National People's Congress earlier this month, underlined that China will striving to modernize its industrial system and developing new quality productive forces at a faster pace.

Discussing the new quality productive forces, Zheng said that, as a vital engine for world economy growth, China's plan to foster the new quality productive forces will not only upgrade China itself but will also inject more impetus into to the global economic recovery.

In order to ramp up technology-driven industrial innovation, it is necessary to initiate a group of key technology programs, accelerate transformation of traditional industries, and develop emerging industries.

China will promote innovation by improving its domestic business environment and optimizing communication between regulators and the private sector, he noted.

China's State Council, the cabinet, on March 19 issued a 24-point guideline to attract foreign investment, with targeted measures including expanding market access in the high-tech and financial sectors, facilitating cross-border data flows, and promoting international business travel.

Throughout last year, China's economy faced challenges and overcame difficulties in aspects of stabilizing growth, adjusting structure, injecting momentum and preventing risks, and the economy met its growth target by expanding at 5.2 percent over the year earlier, Zheng said.

Zheng added that China's stable economic performance at the beginning of the year is injecting more momentum for this year's overall growth.