China will continue to resolutely stabilize the fundamentals of the Country’s Foreign Trade & Investment in 2021, Minister of Commerce Wang Wentao said.

In 2020, China’s Foreign Trade Scale and International Market shares both hit a record high, with foreign capital growing amid adversity brought about by the COVID-19 Pandemic. China has further consolidated its status as a major economy on foreign trade and foreign capital, and achieved the goal of stabilizing Foreign trade and investment, according to the Minister.

In 2021, China will work hard to promote stable and high-quality development of foreign trade and investment, resolutely stabilize the fundamentals of the country’s foreign trade and investment, sharpen China’s competitive edge in this regard, and consolidate the industrial foundation of a new development pattern with domestic circulation as the mainstay and domestic and international circulations reinforcing each other.

In stabilizing foreign trade, China will take actions to improve export quality, build up national demonstration zones for creative promotion of import trade, and cultivate new forms and models of foreign trade, according to Wang.

China will build number of Industrial Parks for processing Trade & Promote the launch of Pilot Projects for Service Trade Innovation & Development

Wang said that China will also discuss with the countries related to the Belt & Road Initiative the establishment of a workgroup designated to unclog trade and investment channels, expand the scale of overseas warehouses, and strengthen the construction of an international marketing system.

In terms of stabilizing foreign investment, China will open itself wider to the rest of the world, and improve the foreign trade and investment environment, according to Wang.

“China will unswervingly open itself wider to the rest of the world and will keep easing market access. The country will also effectively implement the new negative lists for foreign investment and the catalogue of industries that encourage foreign investment, promote the launch of additional comprehensive pilot projects for opening the service sector wider to foreign investment, and innovate and upgrade national economic development zones,” said Wang.

Wang added that it is necessary to create a market-oriented international business environment under the rule of law.

“China will further create a market-oriented international business environment under the rule of law. China will well implement the Foreign Investment Law and its supporting rules and regulations, optimize the foreign investment information reporting system, give full play to the role of the working mechanism on complaints of foreign-invested enterprises, and protect the intellectual property rights and the legal rights and interests of foreign-funded enterprises,” he said.