(Yicai) May 26 -- (Yicai) May 26 -- China will continue to firmly push forward high-level opening-up during the 15th Five-Year Plan for social and economic development, which runs until 2030, aiming to build new advantages in attracting overseas investment and encouraging international companies to invest in and deepen their presence in China, the Vice Minister of Commerce said today.

China has already fully lifted foreign investment restrictions in the manufacturing sector, Yan Dong said at a press conference ahead of the 7th Qingdao Multinationals Summit, a high-level forum that provides global firms with a platform to connect with the Chinese market and which will be held from June 15 to June 17.

Looking ahead, the country will improve its negative list management system for cross-border trade in services, and steadily expand opening up in sectors such as telecoms, internet, education, culture and healthcare, Yan said.

China will steadily roll out pilot programs in areas such as value-added telecommunications, biotechnology and wholly foreign-owned hospitals, Yan said. It will support overseas companies in the services sector to move further up the value chain, and ensure that foreign investors can not only enter but also operate in sectors that are already opened up.

The country will also continue expanding pilot programs for opening up the services sector, coordinate the development of national demonstration zones for service trade innovation and digital trade, he said. These platforms will allow foreign firms to share in the benefits of China’s services sector growth.

“Going forward, we will attract more multinationals to locate their research and development and high-end manufacturing in China, enabling foreign investment in China to have a better structure and stronger innovation momentum,” Yan said.

Global investment is proving resilient amid volatility, Wang Xuekun, director of the Ministry of Commerce’s Chinese Academy of International Trade and Economic Cooperation, said at the press conference. Investment in emerging sectors such as artificial intelligence and clean energy is growing strongly, but investment in some traditional industries is shrinking, leaving future growth highly vulnerable.

Against this backdrop, China’s 15th Five-Year Plan focuses on promoting high-quality development and sends a clear and positive signal that China will further open up at a high level, integrate industrial and technological innovation, build a modern industrial system, expand domestic demand and foster a world-class business environment, he said.

This will provide multinationals with a more stable and predictable policy environment as well as vast market opportunities, he added.

Editor: Kim Taylor