Nation to strive for open dual-circulation cause

China will strive for a more open dual-circulation development pattern between the domestic and international markets during the 14th Five-Year Plan period (2021-25) rather than a closed domestic single-circulation market, authorities said on Friday during the ongoing fourth China International Import Expo.

"China will further shorten the negative list for foreign investment access and enhance the opening up of service industries such as telecommunications and healthcare," said Zong Changqing, director of the Foreign Investment Management Department of the Ministry of Commerce.

"A negative list for cross-border service trade in free trade zones will be issued, and the role of Hainan Free Trade Port and national economic development zones in opening-up will be strengthened as well," he added.

Zong said the country will improve services for key supply and industrial chains, and accelerate the launch, construction and commercialization of projects.

Zong's remarks were made along with the release of the statistical bulletin of foreign direct investment in China at a news conference held at the National Exhibition and Convention Center (Shanghai), the venue of the fourth CIIE.

The realized FDI value in China reached $149.3 billion in 2020, up 5.7 percent year-on-year, despite COVID-19, compared with the global down trend in FDI growth.

Data from the World Investment Report from UNCTAD showed China ranked second in the world last year and the first among developing countries for 29 consecutive years, accounting for 15 percent of the global total, in terms of FDI.

The report showed the realized FDI in tertiary industries accounted for the most at 75.2 percent in China last year, compared with primary industries at 0.3 percent, and secondary industries which stood at 24.5 percent, respectively.

Over nine-tenths of the investment flowed to seven industries, including manufacturing, leasing and business services, and real estate. Jiangsu, Guangdong, Shandong and Zhejiang provinces, and Beijing and Shanghai were among the popular regions that attracted FDI last year, contributing to 75.5 percent of the total realized FDI, the report said.

The updated Foreign Investment Guide of China was released as well, introducing the domestic investment environment, legal systems, and the life and work of foreigners in the country.