The Action Plan to Solidly Promote High-Level Opening Up and Make Greater Efforts to Attract and Utilize Foreign Investment (hereinafter referred to as the Plan) released by the General Office of the State Council of the People's Republic of China on March 19 announces that China plans to further promote high-level opening-up and increase efforts in attracting and utilizing foreign investment.

To expand market access and liberalize foreign investment, China will seek to shorten the negative list for foreign investment, implement the pilot projects pertaining foreign investment's access to the field of science and technology, and increase access for foreign financial institutions in the banking and insurance sectors.

At the same time, China's bond market is opening up to a larger extent to foreign financial institutions. Eligible limited partners from overseas are now allowed to invest in the Chinese mainland on a trial basis.

More policy support will be extended for the fields like tax revenue, finance, and energy consumption, to make China even more attractive for foreign investment. The catalog of industries encouraging foreign investment is set to be expanded, along with the list of foreign investment projects.

Foreign-funded enterprises will receive support for being part of the industries relocated to the central, western, and northeastern parts of China.

In the interests of foreign enterprises and a fairer, more competitive environment, actions, policies and measures at odds with fair competition will be remediated. The system for tenders and bidding will be improved, and foreign enterprises will be provided with opportunities unbiasedly to participate in the revision of standards.

The "Invest in China" brand will be further developed to present to foreign investors China's high-quality business environment and investment opportunities.

The Plan calls for China to support the free flow of data between foreign-funded enterprises and their headquarters, with initiatives to facilitate the exit/entry of business people around the world and to optimize the management of work and residence permits for foreigners in China.

Finally, the protection of intellectual properties will be enhanced, with the rules concerning the flow of data across borders to be tweaked. The negotiation and implementation of high-standard economic and trade agreements will be actively promoted, and efforts will be intensified to pilot the adoption of international high-standard economic and trade regulations.