Since its accession to the WTO, China has actively fulfilled its WTO accession commitments, and continuously expanded opening up, and fully participated in global economic cooperation with remarkable results achieved in FDI attraction.

First, FDI inflow has continued to expand. China’s paid-in FDI increased from RMB388 billion in 2001 (excluding banking, securities and insurance sectors, the same below) to RMB999.98 billion in 2020, up by 157.7%. It reached RMB943.15 billion in the first 10 months of this year and is expected to exceed RMB1 trillion for the whole year.

Second, FDI quality has continued to improve. The paid-in FDI in high-tech industries increased more than four times from RMB55.4 billion in 2001 to RMB296.29 billion in 2020. From January to October this year, it reached RMB297.38 billion, already exceeding last year’s total, and accounting for 31.5% of the actual use of FDI nationwide, up from 14.3% in 2001.

Third, market access has been significantly widened. China has lifted all foreign investment restrictions in the manufacturing sector, relaxed restrictions on foreign investment in the agricultural sector such as the seed industry, and continuously expanded the opening up of service sectors such as finance, telecommunications, construction, distribution, tourism and transportation. Nearly 120 of the 160 services sub-sectors under the WTO classification have been opened up. China is actively promoting opening up at the institutional level by adopting a pre-establishment national treatment plus negative list management system, under which restrictions for foreign investors are included in a comprehensive and well-regulated negative list. In 2013, the negative list for the China (Shanghai) Pilot Free Trade Zone included 190 items. By 2020, there had been only 33 items on the national negative list, 30 on the PFTZs list, and 27 on the Hainan Free Trade Port list.

Fourth, the investment environment has continued to improve. The Foreign Investment Law and its implementing regulations have been promulgated. The foreign investment information reporting system has replaced the existing system of approval and filing by the commerce department for the establishment and change of foreign-invested enterprises. Investment liberalization and facilitation has been greatly enhanced. A sound complaint mechanism for foreign-invested enterprises has been set up. China has stepped up efforts to protect the legitimate rights and interests of foreign investors. A sound foreign investment service system has been established to strengthen the services for foreign-invested enterprises and key projects.

Fifth, platforms for opening up have become more diverse. China has by far set up 21 Pilot Free Trade Zones, which account for 18.6% of the country’s total paid-in foreign investment in the first 10 months of this year. The Hainan Free Trade Port has been up and running and registered a rapid growth in FDI inflow in recent years. The “1+4” pilot model of Beijing plus Tianjin, Shanghai, Hainan and Chongqing was created for comprehensively expanding opening up of the service sector. The 230 national economic and technological development zones have achieved significant results in terms of innovation and upgrading, with their import and export volume and foreign investment absorption accounting for about one-fifth of the country’s total respectively, making them the major pacesetter for stabilizing foreign trade and investment.

China will continue to promote opening up at a higher level and share market opportunities with the world. We will make the negative list of foreign investment access still shorter, step up services for foreign enterprises and projects, and continue to maintain a law-based, international and convenient business environment so that foreign investors can share development dividends in China’s development. Thank you.