Manila - Chinese President Xi Jinping said on Wednesday that Beijing will “substantially cut” restrictions on market access for foreign investment, as the country works to reinvigorate its slowing economy.
His remarks, made at a meeting of the Asia Pacific Economic Co-operation (APEC) in Manila, come as China faces criticism from foreign firms over obstacles to market access and what critics see as Beijing's unwillingness to sufficiently protect multinationals' intellectual property.
“We will step up reforms of the foreign investors management system, substantially cut restrictions on market access for foreign investment, improve IPR protection, and foster an open, transparent, fair and highly efficient market environment,” Xi said.
“Here I would like to reiterate that China's policy on welcoming foreign investment will not change, nor will its protection of the legitimate rights and interests of foreign invested companies, or its commitment to provide better services for them,” he added. “China's door to the outside world will forever stay open.”
Xi added that the fundamentals of China's economy remain positive, the economy is proving resilient to the pains of deepening reform and there is ample room to fend off downward pressure.
He added that the world economy was beset with uncertainties with growth continuing to fall short of expectations.
The world's second-largest economy grew 6.9 percent in the third quarter from a year earlier, the weakest pace since the global financial crisis, hurt partly by cooling investment. That led the central bank to cut interest rates for the sixth time in nearly a year.
REUTERS