The General Office of the State Council of the PRC released an action plan on further promoting high-level opening up to attract and utilize foreign investment on 19 March 2024. The action plan proposes 24 measures and requires the relevant authorities to make a schedule to implement those measures as soon as possible.  

The measures listed in the action plan are summarised as follows:

1. Expand Market Access
   
   

   (1)	shorten the negative list for foreign investment: remove restrictions on foreign investment access in the manufacturing sector and further open up the telecommunications and medical sectors.
   (2)	relax the pilot for foreign investment access in scientific and technological innovation sectors: allow free trade zones in Beijing, Shanghai and Guangdong to choose eligible foreign invested enterprises to expand pilot projects in the development and application of gene diagnosis and treatment technologies and support opening up measures in sectors such as information services (limited to app stores) to be implemented in pilot free trade zones.
   (3)	expand the access of foreign invested financial institutions to banking and insurance sectors: support eligible foreign invested institutions to provide bank card clearing services and support eligible foreign insurance institutions to establish or invest in insurance institutions in China.
   (4)	expand the business scope of foreign invested financial institutions in domestic bond market: support eligible foreign invested financial institutions to participate in domestic bond underwriting and support eligible foreign invested banks to participate in the pilot trading of treasury bond futures.
   (5)	deepen the implementation of the pilot program for domestic investment by qualified foreign limited partners (QFLPs): expand the pilot scope and the investment scope of the funds.

   
   
2. Increase Policy Support
   
   

   (1)	Expand the catalogue of encouraged industries for foreign investment and the list of foreign invested projects.
   (2)	Implement tax support policies.
   (3)	Increase financial support.
   (4)	Strengthen guarantee on energy utilization.
   (5)	Support industries transfer to central, western and northeastern regions.

   
   
3. Optimize Fair Competition Environment
   
   

   (1)	Clean up behaviors and policies that violate fair competition.
   (2)	Improve the biding and tendering system.
   (3)	Fair participation in the revision of standards.
   (4)	Improve the administrative law enforcement.
   (5)	Continue to promote the brand of “invest in China”.
   (6)	Enhance services to foreign invested enterprises.

   
   
4. Smooth Flow of Innovation Factors
   
   

   (1)	Support data flow between foreign invested enterprises and their headquarters.
   (2)	Facilitate international business personnel exchanges.
   (3)	Streamline application process for foreigner’s work permit and work-related residence permit.
   (4)	Support innovative cooperation between domestic and foreign institutions.

   
   
5. Improve Domestic Regulations
   
   

   (1)	Strengthen the protection of intellectual property right.
   (2)	Improve the rules for cross-border data flow.
   (3)	Promote actively the negotiation and implementation of high standard economic and trade agreements.
   (4)	Increase pilot efforts to align domestic rules with high standard international economic and trade rules.

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