China will present the idea of a “negative list” for cross-border trade in services across the country, a move set to improve the transparency and predictability of the country’s business environment, the Chinese Media Group (CMG) reported today.
This was announced by President Xi Jinping at the Summit on Global Trade in Services at this year’s China International Trade in Services Fair (CIFTIS), in which he participated via video link.
The idea was first presented this July in the southern Chinese province of Hainan, the only pilot free trade port in the country, and represents management measures in 11 categories.
For areas not included in the list, domestic and foreign service providers will have equal conditions and enjoy equal access to the port market, it was said.
“We will open at a higher level,” Xi said at the fair, promising to strengthen support for the services sector for those who have agreed to jointly build the Belt and Road Initiative.
“China will share the results of its technological development with the world,” he said, adding that he would work “hand in hand with the world during the economic recovery after the coronary virus pandemic.”
In his speech, Si also expressed support for small and medium-sized enterprises (SMEs).
The Chinese president also announced the establishment of a new stock exchange in Beijing, hoping that it will be the primary platform for serving innovatively oriented small and medium enterprises.
It would become the third stock exchange in the country, after those in the financial center of Shanghai and in the southern city of Shenzhen, CMG added.