Page:2018 Report on the Work of the Government.pdf/37

 '''8. Creating a new landscape in all-around opening up'''

China will further expand the scope and raise the quality of its opening up; the structure, layout, institutions, and mechanisms for opening up will be improved, and we will use high-standard opening up to generate high-quality development.

We will advance international cooperation under the Belt and Road Initiative.

We are committed to achieving shared growth through discussion and collaboration, and will act on the outcomes of the Belt and Road Forum for International Cooperation. We will work toward building major international corridors and deepen cooperation on streamlining customs clearance along the routes of the Belt and Road Initiative. We will expand industrial capacity cooperation with other countries, and with this enable Chinese manufacturing and Chinese services to go global. We will improve the composition of outbound investment. We will expand opening up in the western region, inland areas, and border areas, creating new opportunities for China's economic cooperation with other countries.

We will promote a steady growth in foreign investment.

We will strengthen alignment with international business rules, and foster a world-class business environment. The general manufacturing sector will be completely opened up, and access to sectors like telecommunications, medical services, education, elderly care, and new-energy vehicles will be expanded. We will phase in an opening up of bank card clearing and other markets; lift restrictions on the scope of operations of foreign-invested insurance agent companies, and ease or lift restrictions on the share of foreign-owned equity in companies in sectors including banking, securities, fund management, futures, and financial asset management. We will make market entry standards the same for both Chinese and foreign banks.

Overseas investors will be granted tax deferral for the reinvestment of profit made in China. Procedures for setting up foreign-invested enterprises will be simplified, and business filing and business registration will be processed together in one go. We will spread the use of practices developed in free trade zones all over the country, and explore opening free trade ports, working toward new heights in reform and opening up.

We will consolidate the healthy trend toward stable growth in foreign trade.

We will expand the coverage of export credit insurance, and shave another third off the total time taken for customs clearance. We will reform the mechanism for developing trade in services. We will foster new forms and models of trade. We will encourage processing trade to shift to the central and