Photo: Xinhua

China on Friday unveiled a shorter negative list for market access, in a move to further create a modern market system that features opening-up and orderly competition.

The 2019 version of the list includes 131 items, cutting 20 items from the list's 2018 version. The updated restrictions will be trialed mainly in the services industry, according to the National Development and Reform Commission (NDRC), China's top economic planner.

Ease of approval will be granted to new sectors such as nursing institutions for the elderly, social welfare and fire control services institutions, according to the NDRC.

The introduction of the list will help the Chinese market play its decisive role in resource allocation, push forward the continuous ease of market access and stimulate the vitality of market entities, particularly the private economy, the NDRC noted.

Experts said the new, shortened nationwide negative list for market access showed the country's commitment to further opening up its market and its efforts to provide equal treatment to domestic and foreign market entities.

As China faces increased uncertainties at home and abroad, the country is expected to exploit its advantage of large market scale to the full and advance high-quality economic development, said Guo Liyan, a researcher with the Chinese Academy of Macroeconomic Research

Guo said that given the current context, the negative list plays a vital role in stabilizing investment and enhancing the impact of the Chinese market.

China introduced market access negative lists in December 2018, and Chinese authorities revise the list on an annual basis.

The negative list specifies industries where investors, domestic or foreign, are either restricted or prohibited. 

Unlike the negative list for foreign investment market access which was released in June, the new, unified list applies to all market players including both domestic and foreign investors.

Global Times