China targets transparency to woo foreign investors

BEIJING - China will attract more foreign investors by being clearer on the rules that apply to them, according to a communique released on Thursday following the Fifth Plenary Session of the 18th Communist Party of China (CPC) Central Committee.

At this key four-day meeting, leaders decided on nationwide adoption of the "negative list" model that clearly states sectors and businesses that are off limits to foreign investment.

This will help ensure protection of foreign investors' rights and better allocate their funding. The communique suggested the service sector in particular should be further opened to foreign investment.

The committee encouraged coastal areas to get more involved in global trade, and called for more advanced manufacturing bases and cross-border economic zones.

Meanwhile, China will keep promoting the Belt and Road Initiative by enhancing cooperation with countries and regions along the route, and participate in global industrial and equipment manufacturing cooperation, according to CPC.

Recognizing the service sector's huge growth potential, China has taken gradual steps to accelerate its development, liberalizing the finance, education, culture and medical treatment sectors in particular.

During the first three quarters of 2015, the value added of China's service sector accounted for 51.4 percent of GDP, up 2.3 percentage points from the same period last year.