China to propel higher-level opening-up in 2021-2025: MOC

China will promote deeper-level opening-up involving larger scope and wider fields, and unveil more measures to better serve foreign-funded firms and projects during the 14th Five-Year Plan period (2021-2025), reported Economic Information Daily Friday quoting the Ministry of Commerce (MOC) of China.

MOC has recently released a plan proposing to push forward trade and investment liberalization and facilitation, deepen the opening-up of commodities and factors, and expand the institutional opening of related rules, regulations, management, and standards to establish an institutional system and a regulatory model that are in line with the prevailing international rules.

It also puts forward to improve the national security review system for foreign investment.

It is a common international practice to conduct security review for foreign investment, MOC spokesperson Gao Feng said Thursday at a press conference, adding that efforts will be made in accordance with the rules on China's security review of foreign investment released December 2020 to accurately review foreign investment that affects or may affect China's national security, and protect the legitimate rights and interests of foreign investors while effectively prevent and defuse national security risks.

China will not change its direction of encouraging more foreign companies to develop in China, and during the 14th Five-Year Plan period, MOC will strive to create a market-oriented, law-based and internationalized business environment, and continue to improve services for foreign-funded enterprises and projects, so as to help foreign-funded enterprises develop well in China, noted Gao.