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CHINA'S 2020 TWO SESSIONS GOVERNMENT WORK REPORT INVESTMENT FOCUS


19 June 2020 | Investment, GWR, Regional Development, FDI | Written by Dr. Richard van Ostende | Reading time: 2 minutes


INTRODUCTION

The Two Sessions refer to the two annual meetings held by the Chinese People’s Political Consultative Conference (CPPCC) and the National People’s Congress (NPC). The CPPCC is an organization which consists of delegates from eight legally permitted political parties, other organizations, and independent members. It consists out of over 2.000 members and serves as an advisory body to the NPC, China’s top legislative body.

These two plenary sessions are China’s most important annual political meetings. During the two sessions China’s Prime Minister delivers of the Work Report, which consists out the government’s agenda and policy priorities for the upcoming year. The Two Sessions are normally held in March, but this year took place in May due to COVID-19.

On 13 June China’s State Council published the division of tasks out of the Government Work Report (GWR). The GWR provides a clear overview for the government tasks to be executed. In the field of investment, the following responsibilities have been defined:


ACCELERATION OF IMPLEMENTATION OF REGIONAL DEVELOPMENT POLICIES

Main focal points include:

  • Continue to promote the development of the western region, the overall revitalization of the northeastern region, the rise of the central region, and the eastern region to take the lead in development.

  • Further promote the coordinated development of Beijing, Tianjin and Hebei, the construction of the Guangdong-Hong Kong-Macao Greater Bay Area, and the integrated development of the Yangtze River Delta.

  • The Yangtze River Economic Belt will be promoted for greater protection.

  • Compilation of the outline of the Yellow River Basin ecological protection and high-quality development planning.

  • Promotion of the construction of the twin-city economic circle in Chengdu and Chongqing.


FOREIGN CAPITAL INVESTMENTS

Main focal points include:

  • Substantial reduction of the negative list of foreign investment access, to be completed by the end of June.

  • Introduction of a negative list of cross-border service trade, to be completed by the end of December.

  • Deepening of the reform and opening up of Special Economic Zones, to be continued to advance during this year.

  • Providing the Pilot Free Trade Zones with greater autonomy for reform and opening up, to continue to push forward during this year.

  • Establishment of Pilot Free Trade Zones and the Comprehensive Bonded Zones in the central and western regions, and expansion of the service the service industry to open up comprehensive pilot projects, to be completed by the end of December.

  • Accelerate the construction of Hainan Free Trade Port, to continue to promote during this year.

  • Create a market environment for domestic and foreign enterprises to be treated equally and fairly, to be continued to be promoted during the year.


SOURCE

  • State Council of the People’s Republic of China. (2020). Notice on the implementation of the "Government Work Report", Opinions on division of labor in key work departments, (GuoFa [2020] No. 6).


The information in this article is intended for general information on the subject matter. The content of this article is not intended to replace professional advice on the subject matter in relation to your specific circumstances.

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