Widened access

On Nov 4, Xi laid out his vision for deepening China's opening-up in a keynote speech delivered via video link at the opening ceremony of the third China International Import Expo in Shanghai.

"We will introduce a negative list for cross-border services trade and open still wider in areas like the digital economy and the internet. We will deepen reform and innovation in trade and investment liberalization and facilitation, and make institutional innovations to support an open economy of higher standards," he said.

The blueprint adopted by the Communist Party of China Central Committee for the 14th Five-Year Plan (2021-25) pledged to implement opening-up policies with greater scope and more depth. Steps to open up the services sector will be taken in an orderly manner and two-way opening-up promoted in the financial sector.

On Dec 23, a report issued by the World Bank highlighted the significance of opening up the Chinese market, particularly the services sector, which "would create more competition and facilitate the exchange of knowledge and technologies".

Mueller said he applauded China's plan to open up its services sector, as foreign companies in this field are eagerly waiting opportunities to further tap the country's market.

"All services companies from Switzerland will be more than happy to explore the market in China, either through the form of joint ventures or on their own," he said.

Lockett also highlighted the significance of a more open services sector to China.

"This sector will be very important to China's development, both in itself and because high-level services enable manufacturing and other sectors to perform better. Opening up services will not only grow this sector, but also improve manufacturing and overall high-quality economic development," he said.