(Yicai) June 23 -- China plans to support qualified foreign-invested companies seeking to list on its stock markets as part of a fresh package of measures aimed at attracting inward investment.

Jointly released yesterday by the ministries of finance and commerce and the National Development and Reform Commission, the action plan lays out 15 measures in five areas: expanding market access, enhancing the ease of doing business for foreign investors, improving investment promotion, strengthening support services for foreign investment, and optimizing foreign investment management.

At a press conference, Vice Commerce Minister Ling Ji said China will focus on promoting market access and opening more of the services sector while balancing development and security, with the goal of improving the business environment and further consolidating the foundation for attracting foreign capital.

The plan outlines measures to further open the services sector, calling for the expansion of pilot access programs for vocational training institutions, vocational colleges, and high-level universities specializing in science, engineering, agriculture, and medicine, as well as new trial measures in areas such as digital services and healthcare in Beijing’s national services opening-up zone.

The commerce ministry will further expand the pilot programs after review, Wang Ya, who heads its foreign investment management department, said at the press briefing.

The plan also calls for a comprehensive upgrade of the arrangements for closer economic and trade relations between the Chinese mainland and Hong Kong and Macao, while stepping up efforts to open the service sector to investors from the two special administrative regions first.

On financial sector opening, the plan will support more foreign-funded institutions in using risk management tools, including government bond futures, to better manage financial risk, while also allowing foreign institutions to legally provide fund investment advisory services. It will also improve cross-border business administration and grant key foreign-funded companies facilitation quotas for cross-border financing.

Furthermore, the plan will support more foreign-funded institutions in using risk-management tools, including government bond futures, and make it easier for foreign institutions to lawfully provide fund investment advisory services.

Stepped Up Policy Support

“We’ll continue to step up policy support, encourage foreign investors to take part in the integrated, digital transformation, and upgrading of the services sector, and actively attract foreign enterprises to set up regional headquarters, research and development centers, and other institutions in China, helping expand and improve the quality of the country’s services industry,” Wang noted.

In addition, the action plan sets out a series of measures to promote the “Invest in China” campaign, coordinate the standardized attraction of foreign investment projects, fully implement national treatment for foreign-funded enterprises, support their participation in consumption-boosting initiatives, and enhance service guarantees for major foreign investment projects.

During the 15th Five-Year Plan period through 2030, the NDRC will create new advantages for attracting investment, fully implement the updated catalog of encouraged industries for foreign investment, and steer more foreign capital into advanced manufacturing, modern services, high-tech industries, energy conservation, and environmental protection, as well as China’s central, western and northeastern regions, Jing Qin, head of the NDRC’s foreign investment department, said at the briefing.

That will help foreign businesses integrate more fully into China’s broader economic and social development, achieve mutual benefit and win-win outcomes, and develop better in China, he noted.

The NDRC will also encourage provincial governments to set up dedicated task forces for major foreign-invested projects to ensure smooth implementation, promote domestic reinvestment by overseas companies, and strengthen service guarantees for reinvestment projects, helping foreign firms get a firmer foothold in China.

Looking ahead, the finance ministry will accelerate reform of the government procurement system, fully uphold the principle of fair competition, continue improving the procurement business environment, and better ensure that domestic and foreign firms can participate equally in government procurement, said Zheng Yong, head of its treasury department.

Editor: Futura Costaglione