Coaches are ready for export at the Lianyungang port in Lianyungang, East China's Jiangsu Province on Wednesday. These are the last 100 coaches out of an order for 700 from Saudi Arabia. Photo: cnsphoto

China will substantially reduce the negative list for foreign investment market access by the end of June and will release the negative list for cross-border services trade by the end of December, according to a document released by the State Council, China's cabinet, on Thursday.

The timelines are part of the detailed measures of the government work report released during the two sessions in May. They are aimed at stabilizing foreign investment and creating an equal and fair market for domestic and foreign companies.

The National Development and Reform Commission, China's economic planner, and the Ministry of Commerce will undertake relevant work for shortening the negative list.  

Under the detailed measures, China will continue to push forward the reform and opening-up of special economic zones throughout the year as well as opening more pilot free trade zones and comprehensive bonded zones in central and western regions by the end of December. 

The construction of South China's Hainan free trade port will also be speeded up this year. 

In terms of the ChiNext startup board, China will release relevant measures by the end of June to reform the NASDAQ-style board and trial registration-based IPOs. The policies will be launched within the year.

Bai Ming, a research fellow at the Chinese Academy of International Trade and Economic Cooperation, told the Global Times on Thursday that the release of the detailed measures signaled that China is close to introducing a new round of reform and opening-up that will give foreign investors extensive access to the market. 

"China is accelerating the opening-up process to give its virus-hit economy a much-needed shot in the arm. It will also cement global confidence in the Chinese economy," Bai explained.