China to further reform foreign trade system

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Last updated at: (Beijing Time) Wednesday, October 22, 2003

China to further reform foreign trade system

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China vows to deepen the structural reform of its foreign economic exchange and improve its level of opening up to the outside world, according to a decision issued Tuesday by the Central Committee of the Communist Party of China on improvement of socialist market economic system.

The decision called for deepening the structural reform of its foreign economic exchange, noting that China will continue creating a better legal environment to ensure that enterprises of all kinds could compete on equal footing, enhancing the government's function in service and economic supervision, upgrading the level of free and convenient trade and investment and setting up an alarm mechanism for international revenue and expenditures to safeguard the nation's economic security.

China will encourage overseas investments to play a better role, the decision noted.

"The nation should seize the opportunity of global restructuring to expand its scope and use of foreign investment," it said.

China should also introduce in more foreign advanced technology, management experience and top-quality talents, and lure more multinational corporations to transfer their manufacturing factories and R&D institutions of higher technology and with more added value in order upgrade its own.

The decision also called for improving the domestic investment environment, expanding the investment scale and guiding overseas investment to expand to areas and fields that are in line with the country's industrial policies and establishing a number of economic belts that features overseas investment.

According to the decision, China should increase its capabilities to join in international cooperation and competition, encouraging domestic enterprises to explore business opportunities, upgrade technology and build up their own brands.

China should continue to carry on the "Go-out" strategy, by granting the enterprises more rights in the management of their overseas branches, and meanwhile improving the responsibility system for supervision and thus promoting the development of China's multinational corporations and pushing forward the regional economic development.

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