China kicks off 19th CCP Congress with commitment to further open its economy

China reiterates commitment to economic reform

Press Conference, Beijing, October 17, one day prior to CCP Congress

AT a press conference the day before the official start of the 19th Chinese Communist Party (CCP) Congress on October 18, the Chinese central government reiterated its long-term commitment to open its market to foreign investors as a vital part of its long-term strategy of economic reform.

“Opening the market to the outside world is our state policy,” says Zhen Tuo, spokesperson for the CCP, in a press conference in Beijing. “General Secretary Xi Jinping emphasized that the policy of utilizing and protecting foreign investors will not change.”

In January and August this year, the State Council issued two separate notices on expanding the permitted business scope and boosting the growth of foreign enterprises. Data from the Ministry of Commerce (MOFCOM) show that from January to July this year, 17,703 new foreign enterprises set up in China, up 12% from the same period in 2016.

“We will ensure the width and depth of the market’s openness,” says Tuo. “We will see a higher level of two-way cooperation between China and other countries.”

China has initiated a number of reforms over the past few years, such as a value added tax reform and a delegation of power to lower authorities. “There is no present perfect tense but present continuous tense in our reform,” says Tuo. “China will not lower its pace of reform towards the end.”

“The 19th CCP congress will stick to and deepen the comprehensive reform,” adds Tuo.