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China is set to introduce new measures aimed at attracting and maximizing foreign investment, according to an announcement by the state economic planner on Monday.

The plan will focus on facilitating cross-border investments and expanding institutional openness, with a particular emphasis on shortening the negative list for foreign investment access.

Restrictions on foreign investment in the manufacturing sector will be completely removed, and international industrial investment cooperation will be promoted.

The National Development and Reform Commission also plans to eliminate any unreasonable restrictions and ensure fair competition.

The Ministry of Commerce will work to implement various measures and provide updates on progress in areas of concern for foreign enterprises.

This includes government procurement, standard-setting, and investment facilitation.

The ministry is also preparing to implement rules on cross-border data flow, formulated by China’s cyberspace regulator.

Despite a decrease in foreign capital usage by 8 percent year-on-year, China saw a significant increase in the number of newly established foreign-invested enterprises in 2023, reaching 53,766.

The actual use of foreign capital remained at a historically high level, amounting to 1.13 trillion yuan ($160 billion).