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China pledges "significant" market opening for foreign investors

Reuters  |  BEIJING 

(Reuters) - will "significantly" widen market access for foreign investors, state radio on Wednesday quoted vice Wang Yang as saying, following a recent move to raise foreign ownership limits in local financial firms.

"China's development in the past has benefited from and it's more necessary to expand openness as we take the road of high quality development driven by innovations," Wang told a business forum in the southern city of Guangzhou.

"We will significantly expand market access and speed up drafting a timetable and roadmap for key sectors," he said.

will "actively and effectively" attract foreign investment, protect legal rights and interests of foreign investors and create an environment for fair competition, he said.

At a twice-a-decade Communist Party congress in October, President Xi Jinping called for "making new ground in pursuing up on all fronts", and has pledged to allow greater access to China's markets for foreign investors.

In November, said it would raise foreign ownership limits in domestic financial firms, a long-anticipated step that grants greater access to overseas investors in the Asian giant's financial services market.

has been accused of unfairly subsidising exports and of restricting foreign access to its domestic market, with U.S. President Donald Trump often complaining of the massive trade surplus runs with the United States.

(Reporting by monitoring desk and Kevin Yao; Editing by Nick Macfie)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, December 06 2017. 16:55 IST