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Premier lays out China’s path forward in year ahead

He tells NPC deputies country will continue to open its markets to the world

China will further open up its markets to the world through robust engines – including the Belt and Road Initiative and the Regional Comprehensive Economic Partnership – and deepen the outbound investment drive that began a few years ago, Premier Li Keqiang said on Sunday.

Addressing deputies to the National People’s Congress during his presentation of the annual Government Work Report, Li said China will accelerate the creation of overland economic corridors and maritime cooperation hubs, and will establish cooperative mechanisms for streamlining customs clearance procedures.

The country will deepen international cooperation in industrial capacity, promoting exports of Chinese equipment, technology, standards and services so that China and its partners can draw on each other’s strengths, he said.

“China will uphold multilateral trade as the main channel of international trade and will play an active part in multilateral trade negotiations,” Li said.

He said China is ready to join hands with other countries to fully implement the Protocol to Amend the Framework Agreement on Comprehensive Economic Cooperation between China and the Association of Southeast Asian Nations, and to conclude talks as soon as possible for the Regional Comprehensive Economic Partnership agreement.

To prevent illegal and reckless outbound direct-investment activities in overseas markets, the National Development and Reform Commission, the country’s top economic planner, will draw up a blacklist to ensure the authenticity of outbound investments and fend off risks brought by excessive capital outflows.

Li said China will ensure that foreign trade continues to register steady growth. The country will also have 11 high-standard pilot free trade zones, from which successful approaches can be expanded to the rest of the country.

Eager to enhance its earning ability, China will…

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