China Pledges More Open Economy, Prudent Monetary Policy

China's Communist Party wrapped up a key annual economic meeting on Thursday with pledges to carry out a "prudent" monetary policy next year and further open the country to foreign investment

Beijing, (APP - UrduPoint / Pakistan Point News - 12th Dec, 2019 ) :China's Communist Party wrapped up a key annual economic meeting on Thursday with pledges to carry out a "prudent" monetary policy next year and further open the country to foreign investment.

President Xi Jinping presided over the three-day, closed-door meeting which came at a time when the Chinese economy is slowing and Beijing seeks to close a "phase one" deal with Washington in their protracted trade war.

"China's opening-up will continue to develop on a larger scale and at a deeper level," said a statement published by the official Xinhua news agency at the end of the Central Economic Work Conference.

"Foreign investment will be facilitated and better protected" and the overall level of tariffs will be lowered, the statement said.

China will also shorten its "negative list" of industries that are closed to foreign investment. The list was reduced from 48 to 40 sectors in July.