China has pledged to further open up its economy to foreign investment (STR)
<p>Beijing (AFP) – China’s Communist Party wrapped up a key annual economic meeting on Thursday with pledges to carry out a "prudent" monetary policy next year and further open the country to foreign investment.</p><p>President Xi Jinping presided over the three-day, closed-door meeting which came at a time when the Chinese economy is slowing and Beijing seeks to close a "phase one" deal with Washington in their protracted trade war.</p><p>"China’s opening-up will continue to develop on a larger scale and at a deeper level," said a statement published by the official Xinhua news agency at the end of the Central Economic Work Conference.</p><p>"Foreign investment will be facilitated and better protected" and the overall level of tariffs will be lowered, the statement said.</p><p>China will also shorten its "negative list" of industries that are closed to foreign investment. The list was reduced from 48 to 40 sectors in July.</p><p>The government has repeatedly pledged to further open up its economy but US and European companies continue to complain that access to the Chinese market remains difficult.</p><p>The White House has said tariffs imposed on Beijing in their trade war are aimed at forcing China to change unfair trade practices, including subsidies and theft of intellectual property</p><p>Negotiators are working to finalise a pared down trade deal with the threat of new increase in tariffs on billions of dollars worth of two-way trade looming on Sunday.</p><p>China is also facing an economic slowdown, with growth dropping to six percent in the third quarter — its worst performance in 27 years.</p><p>The economic conference did not announce any stimulus measures.</p><p>"The country will continue to implement a proactive fiscal policy and prudent monetary policy," the statement said.</p><p></p>

Disclaimer: Validity of the above story is for 7 Days from original date of publishing. Source: AFP.