Source: Xinhua

"We will strengthen protection of intellectual property rights (IPR). This is the centerpiece of the system for improving property rights protection, and it would provide the biggest boost to the competitiveness of the Chinese economy. Stronger IPR protection is the requirement of foreign enterprises, and even more so of Chinese enterprises. This year, we are re-instituting the State Intellectual Property Office to strengthen the ranks of its officers, step up law enforcement, significantly raise the cost for offenders and fully unlock the deterrent effect of relevant laws. We encourage normal technological exchanges and cooperation between Chinese and foreign enterprises, and protect the lawful IPR owned by foreign enterprises in China. At the same time, we hope foreign governments will also improve protection of Chinese IPR," said Chinese President Xi Jinping in his speech at the opening of the Boao Forum for Asia Annual Conference 2018 held in Boao, Hainan Province on April 10.

Xi noted that what has happened proves that opening-up was key to China's economic growth over the past 40 years and in the same vein, high-quality development of China's economy in the future can only be achieved with greater openness. He wishes to make it clear to all that China's door of opening-up will not be closed and will only open even wider! Opening-up is a strategic decision made by China based on its need for development as well as a concrete action taken by China to move economic globalization forward in a way that benefits people across the world.

Xi announced that China will adopt the following major measures to pursue further opening.

First, on services, financial services in particular, important announcement was made at the end of last year on measures to raise foreign equity caps in the banking, securities and insurance industries. China will ensure that these measures are materialized and at the same time make more moves toward further opening, including accelerating the opening-up of the insurance industry, easing restrictions on the establishment of foreign financial institutions in China and expanding their business scope, and opening up more areas of cooperation between Chinese and foreign financial markets. Going forward, China will ease as soon as possible foreign equity restrictions in these industries, automobiles in particular.

Second, China will create a more attractive investment environment. China will enhance alignment with international economic and trading rules, increase transparency, strengthen property rights protection, uphold the rule of law, encourage competition and oppose monopoly. In the first six months of this year, China will finish the revision of the negative list on foreign investment and implement across the board the management system based on pre-establishment national treatment and negative list.

Third, China will strengthen protection of intellectual property rights. This year, China is re-instituting the State Intellectual Property Office to strengthen the ranks of its officers, step up law enforcement, significantly raise the cost for offender. China protects the lawful IPR owned by foreign enterprises in China. At the same time, China hopes foreign governments will also improve protection of Chinese IPR.

Fourth, China will take the initiative to expand imports. China does not seek trade surplus; China have a genuine desire to increase imports and achieve greater balance of international payments under the current account. This year, China will significantly lower the import tariffs for automobiles and reduce import tariffs for some other products. China will seek faster progress toward joining the WTO Government Procurement Agreement. China hopes developed countries will stop imposing restrictions on normal and reasonable trade of high-tech products and relax export controls on such trade with China. Friends from around the world are welcome to participate in the first China International Import Expo in Shanghai in November.