China's latest negative list on foreign investment access, jointly released by the National Development and Reform Commission and the Ministry of Commerce on Sunday, has reduced the number of restrictive measures from 31 to 29. It did away with the last two restrictions on foreign investment in manufacturing — namely in the publishing or printing industry, that was earlier open to only Chinese capital, and in industries such as steaming, frying, roasting and calcining that are common in the traditional Chinese medicine sector.

This means that China's level of openness in manufacturing has surpassed not only that of other developing countries but also a considerable number of advanced economies.

Further relaxing restrictions on foreign investment access will better foster a market-oriented and rule-of-law business environment, and consolidate the confidence of foreign enterprises in China. Such confidence is bolstered by the fact that China's economy continues to prosper, with its long-term advantages of ultra-large market scale, comprehensive infrastructure and abundant human resources.

In terms of market potential, China remains the world's second-largest economy, providing significant development space for multinational corporations. The update of the negative list further expands the space for multinational companies to invest in China.

Especially, in light of the lackluster performance of the current global economic recovery and significant increases in uncertainties, there is an urgent need for collective efforts to be made to build momentum for prosperity and jointly promote inclusive globalization for high-quality development, contributing more to sustainable global economic growth. Amid the rising trend of anti-globalization sentiment, China's updating of its negative list demonstrates its commitment to cooperation with countries in an open and inclusive way. It not only reflects China's proactive approach to countering investment protectionism but also serves as a good example of individual countries' efforts to promote international cooperation.

The updating of the negative list, coupled with other policies aimed at attracting foreign investment, lays a solid foundation for further deepening reform in foreign investment management systems and better leveraging foreign capital to drive high-quality development in China. This will encourage more foreign enterprises to participate in upstream and downstream supply chain collaborations within China's industry chains, thereby better serving the formation of a new development paradigm and China's modernization drive.

-GUANCHA.CN