Further opening up of manufacturing to promote global growth

Foreign firms benefit from China's progress

According to the 2017 China Business Environment Survey, released by the US-China Business Council recently, 95 percent of the responding foreign companies said they enjoyed continuous profits in China, with one-third of the respondents indicating their business profits in China are higher than in other markets.

With the rise of the Chinese manufacturing sector, some people are concerned that the spillover effect that might arise from structural problems such as excess capacity will have a negative impact on other countries' industries. Others are worried that the Made in China 2025 plan may only benefit the local enterprises and create obstacles to foreign companies, thus resulting in unfair competition. These concerns are unnecessary.

As General Secretary Xi Jinping stated in the report to the 19th CPC National Congress: "China will not close its open door to the world; instead, China will become more and more open." China's manufacturing industry has been and always will be upholding the fundamental principle of mutual benefit and open cooperation. We will also further open up the manufacturing industry, improve policy transparency and stability, optimize government services and efficiency, and continue to improve the business environment.

Moving from where we are, we will implement the commitments to further open up such sectors as automobiles, shipbuilding and aircraft manufacturing, by easing restrictions over the proportion of foreign equity as early as possible, especially in the auto sector. We will also enhance alignment with international economic and trade rules, and provide foreign investors with more and better opportunities.

Solid steps will be taken to implement the Belt and Road Initiative. We will see to it that the enterprises, associations, parks and governments play their due roles in the implementation. We will also improve public services and encourage more Chinese companies to invest and do business in countries along the Belt and Road, in order to establish high-level R&D centers, manufacturing bases and industrial parks. In response to the huge demands arising from the Belt and Road Initiative, we will facilitate exchanges and cooperation with countries along the Belt and Road in smart manufacturing, Industrial Internet, 5G, connected vehicles, small and medium-sized enterprises, civil aviation and cybersecurity, thus promoting mutual benefit and common development.

Business environment will be optimized

We are committed to ensuring that the Made in China 2025 plan and other relevant policies are applied equally to all enterprises in China, both Chinese and foreign enterprises. We will establish a solid mechanism for managing foreign investments－characterized by pre-establishment national treatment with a negative list approach－reducing government imposed transaction costs, strengthening intellectual property rights protection, and enhancing regulation both during and after investment, with the aim of creating a stable, fair, transparent, law-based business environment for global investors.

It has been widely acknowledged throughout history that openness brings progress and isolation only leads to backwardness. Given the complex and ever-changing international environment, no country on its own can address the many challenges, nor can any country afford to retreat into self-isolation. We will adhere to the principle of open cooperation and market-based orientation, integrate into the global supply chain at a deeper and broader level, and actively fulfill our due social responsibilities in the process of opening-up and cooperation.

And we will work together with other countries to share responsibilities, overcome difficulties, and make economic globalization more open, inclusive, balanced and beneficial with a view to building a community of shared future for humankind.

The author is minister of Industry and Information Technology.