Chinese President Xi Jinping reaffirmed his country's willingness to open up business segments to foreign investors during the second China International Import Expo (CIIE). He said the country will continue to reduce specific items on its foreign negative list.
According to local news outlet CCTV, Xi said during the event that China will further open up its market by reducing items specified on its negative list. His statements came amid increasing global market hopes for a trade deal with the United States.
Aside from gradually releasing items from the negative list that prevents international brands from accessing the massive Chinese market, Xi announced that the country will step up reforms in major aspects of business to allow for more foreign investors.
The Chinese leader also touched on a critical subject that the U.S. has been using against the country since it started slapping tariffs last year. Xi said China will continue to "strengthen the protection of intellectual property rights."
Xi's reaffirmations were in line with the World Bank's recent "Doing Business 2020: Comparing Business Regulation in 190 Economies" report, wherein the bank noted that China jumped two digits from its previous spot in ease of doing business.
Last year, China placed 46th in the survey. This year, the world's second-largest economy jumped to the 31st spot, marking a historic change in the country's previous ease of doing rankings.
Earlier last month, Beijing also announced that the country will continue to open up financial markets to foreign investors. The confirmation came as part of China's commitment towards a foreigner-friendly market.
Analysts noted that Xi's presence at the CIIE is an indication that the government is committed to developing an open trading network that will allow foreign investors and businesses to access the Chinese market.
The Telegraph reported that in this year's expo, over 3,000 exhibitors signed up for the event. The exhibiting groups came from over 150 countries and regions around the world who desired to showcase their brands and products through the expo.
Around half a million visitors and purchasing agents signed up for the expo that features over 140 activities from Tuesday to Sunday. Business analysts pointed out that the event is one of China's ways of promoting cooperative ties with entrepreneurs around the world.
The massive number of registrations has also been translated as an indication that there are many countries and regions seeking to increase their business blueprint in the country.
Late last month, partner at investment management consulting firm Z-Ben, Chantal Grinderslev, told CNBC that China's opening up initiative will not just benefit foreign investors and companies, but Chinese firms as well.
While foreign brands establish their business in the country, Chinese companies can grab the opportunity to build partnerships with these firms as a means of becoming global players in their field of expertise.
