Deputy Director: G Summit and Trade Barrier

deputy director: The country will soon release a new negative list for foreign investment, lowering barriers for industries including mining, agriculture, manufacturing and services while further lowering overall tariffs and diminishing non-tariff trade barrier, in line with China's commitment to continuous opening-up and reforms, the Chinese president said while addressing the 14th G20 summit, according to Global Times China. The proposals have shown that China is taking a lead role by proactively promoting domestic reforms to uphold multilateralism and safeguard economic globalization, Bai Ming, deputy director of the Ministry of Commerce s International Market Research Institute, told the Global Times. The announcements that came during the ongoing G20 summit in Osaka, Japan will include lower trade barrier, expansion of import, improvement in the business environment and better treatment for foreign investment in line with the new Foreign Investment Law. These reforms are expected to unite more countries which also share the mission and aim at safeguarding free trade at a time when some country are damaging the process of globalization, Bai added. To expand the overall opening-up and reforms, China will also promote regional economic partnership agreement, accelerate negotiations for China-Europe investment agreement and China-Japan-South Korea Free Trade Agreement FTA the Chinese president added. To further boost the business environment, China will introduce punitive damage system for infringement, strengthen civil judicial protection and criminal protection, and improve the level of intellectual property protection, said Xi. (news.financializer.com). As reported in the news.