Further opening-up to benefit foreign firms

Setting out the comprehensive strategic design of China's institutional system in the medium and long term, the Fourth Plenary Session of the 19th Communist Party of China Central Committee called for carrying out all-round high-level opening-up with greater depth, broader range, and more strength. Which will have a long-term impact on China's overall reform and opening-up.

In terms of economic and political development, the world has reached a crossroad, with economic globalization encountering unprecedented resistance, and trade disputes and geopolitical conflicts among major countries adding to global economic uncertainties and risks. The International Monetary Fund has lowered its global economic growth forecast for this year to 3 percent, the slowest since the 2008 global financial crisis, while the global trade growth forecast has been reduced to 1 percent, much lower than the global economic growth.

Besides, protectionism and trade conflicts have made global business activities more volatile and unpredictable and dented the confidence of investors, leading to a significant fall in global foreign direct investment.