(Yicai) June 27 -- China has reiterated its commitment to support companies controlled by foreign investors in participating in its large-scale equipment renewal, government procurement, and investment plans and to treat them equally as Chinese firms.

China will also deepen the opening-up of key sectors, lift all market access restrictions on overseas investment in the manufacturing sector, and roll out a new round of pilot initiatives to further open up its services sector, according to a statement released after yesterday’s State Council executive meeting.

In March, the State Council issued a policy document claiming that China should lay out a large-scale equipment renewal plan to enhance the energy efficiency and environmental protection capabilities of the manufacturing, agricultural, construction, transportation, education, culture and tourism, and healthcare sectors. The goal is to increase the investment in gear upgrades by over 25 percent by 2027 from last year, which could create an annual market demand for suppliers of more than CNY5 trillion (USD687.9 billion), according to preliminary estimates.

By saying that China will treat domestic and foreign-controlled companies equally, the country emphasizes the need to grant foreign investors fair participation in the Chinese market competition, Bai Ming, a member of the Academic Committee of the Chinese Academy of International Trade and Economic Cooperation under the Ministry of Commerce, told Yicai.

Yesterday’s statement also proposed continuously enhancing the level of investment support, optimizing foreign investment policies in the pharmaceutical and medical device fields, and revising and releasing new editions of the Catalogue of Encouraged Industries for Foreign Investment. Moreover, efforts will be made to improve the work convenience of foreign nationals.

In recent years, the Chinese government has been committed to providing one-step services and simplifying administrative procedures for foreign investors, Bai said. It has also offered convenience and guarantees in various aspects, such as transportation, talent, and payment, for overseas investment entering China, Bai added, noting that he believes these efforts will continue to be advanced this year.

Editors: Tang Shihua, Futura Costaglione