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We also see the opportunities lying in trade finance as the deepened opening-up will stimulate two-way transactions, as more local enterprises are seeking to go global and more international players are seeking to invest in China.

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Wang was dismissed from his position on April 1 and placed under investigation by the two watchdogs.

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We will further widen market access for foreign investment. The management system of pre-establishment national treatment plus a negative list will be implemented across the board. By the end of June this year, we will have released the newly revised negative list on the market access of foreign investment in general and that for pilot free trade zones, together with the catalogue of encouraged foreign investment industries. The negative lists will be further shortened. Modern services sectors such as value-added telecommunications, medical institutions, educational services, along with transportation, infrastructure, and energy and resources, will be opened wider. Our negative lists will only be shortened further, and areas that are not on the lists will all be deemed as fully open. We will treat businesses of all types of ownership equally, and exercise impartial regulation to level the playing field for domestic and foreign-invested companies so that they can grow their businesses side by side. We will also promote trade facilitation at a faster pace. By overhauling fee structures and rationalizing working procedures, we will notably reduce the customs clearance costs this year and make the process more efficient. All this will help boost foreign trade.

Wang, a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee and chairman of the CPPCC National Committee, made the remarks during a seminar where local political advisors exchanged their work experience in Beijing.