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Wang Yi: China Is Promoting High-level Opening-up

On December 5, 2019 local time, when communicating with friendly personages of various circles of the Republic of Korea in Seoul, State Councilor and Foreign Minister Wang Yi said, China is promoting high-level opening-up. Not only have we over-fulfilled all the commitments we made when we joined the World Trade Organization, we have also further reduced the average tariff to 7.5 percent, much lower than that of developing countries and emerging economies. China's business environment ranking has jumped from the 78th to the 31st place over the past two years. China has largely lowered the threshold of market access, fully opened the manufacturing industry and is accelerating the opening-up of the service industry. The negative list for inbound investment has been shortened to 40 items. China will implement the new Foreign Investment Law starting from January 1 next year so as to provide a more regulated and better investment environment for foreign investors.

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