Championing 'world first' mindset

Rupert Adams, a partner of Alignvest UK LLP, an investment company based in London and Toronto, called Liu's speech a message from China about its continuous reform and opening-up. He said the speech also reflects practical action in support of economic globalization.

Agreed Honson To, chairman of global auditing firm KPMG's Asia-Pacific region. "With the opening of a new economic cycle in China, the market and policy environment for foreign investment will be further improved, leading to 'higher quality' foreign investment.

"Biomedicine, internet, new materials, high-end equipment, science and technology services will be hot areas for foreign companies to invest in China in the next stage, as the country is experiencing a diversification of innovative economic structure and acceleration of industrial upgrading."

To further said traditional and other fast-growing fields will continue to remain attractive destinations for foreign direct investment or FDI in China. He identified several such fields: green finance, technology, high-end consumption, food safety, education, healthcare, insurance, natural resources, chemicals, traditional equipment manufacturing, engineering contracting, agriculture and services-related businesses.

Concurred Xu Hong, a partner at global law firm Linklaters LLP headquartered in London. "We expect that China could lead to links between itself and other capable countries in financial exchanges, and in investment management and other services, including the deployment of the strategic global management, supply chain, premium product and marketing capabilities of key global companies to investments and joint ventures in China."

According to Wei Jianguo, former vice-minister of commerce, China's broadminded, or 'World First', approach to global development is a sagacious response to "new challenges such as 'America First' and new policies from other economies in term of gaining FDI …

"China must deploy more resources to formulate equal rules for the game, by not imposing special conditions of access or threshold for foreign and private companies in the future."

Wei said based on the current business setting, all foreign companies will have equal opportunities to participate in the Belt and Road Initiative and participate in the economic development of China, as well as strengthen the protection of intellectual property rights with equal thresholds and tougher punishment measures.