resident Xi Jinpin

areas (such as Hainan)," said Xue Rongjiu, deputy director of the Beijing▓-based China Society for WTO Studies.China, a top-prior▓ity market for many multinationals, will further get integrated into the glo▓bal economy by allowing foreign companies gre

ater acess to the services industry, including elderly care, health and educati▓on. It will lift limits on foreign-owned equity in some areas, and fully open the

▓g announced on A

  • pril 13 a grand plan def▓ining the island's future role.The centr
  • al governmen▓t has decided to set up an investment fund to suppor
  • t ▓building a free trade port in Hainan by 2025.Foreign firms and mul
  • tinational companies will be encouraged to set u
  • p international and regional headquarters on the islan

d, according to a de

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manufacturing se▓ctor, according to the government policies that have been e▓volving since 2017.Ulrich Spiesshofer, chief executive officer of Swiss industrial conglomerate ABB Group, said he has seen major changes like rising market demand for high-end products such as industrial robots and state-of-the-art tec▓hnologies like artificial intelligence and high-vol▓tage direct-current syste

ms."On the automat▓ion side, China's center of gravity in industry is really shifting away from the heavy industries more into discrete industries and services," he said. ▓"We have also shifted our center of gravity: we are the market leader in robotics in China sinc▓e decades and have invested strongly. So I would say the underlying sentiment is positive."Under the government plan, t

he general manufacturing sector will be completely opened to foreign participati▓on. Access to sectors like telecommunications, medical services, education, elderly care and new energy vehicles will be expanded.The Ministry of Commerce also said that China will complete a revision of the negative list for foreign investment in the first half of this year. Areas not on the negative list

are presumed to be open to foreign investors."We came just at the right time w▓ith a clear portfolio that is now the simplest in the industry with a much stronger customer orientation in a market that is improving," said Spiesshofer of ABB.Chinese Vice-Minister of Commerce Wang Shouwe▓n said, "The reform and opening-up policy has been behind C▓hina's robust growth over the past four decad

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