Page 320 - 2023 White Paper on the Business Environment in China
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3 White Paper on the Business Environment in China
waver," Xi said when addressing the Boao Forum greater role in promoting peace and development.
for Asia (BFA) Annual Conference 2022. A flurry of China will implement the RCEP in full, seek the
policies ensued, as Boao has been a place to see conclusion of high-standard free trade agreements
China walk its talk on expanding high-standard with more countries and regions, and actively work
opening-up. The country's renewed opening- for joining the Comprehensive and Progressive
up efforts range from fully implementing the Agreement for Trans-Pacific Partnership and the
negative list for foreign investment, expanding Digital Economy Partnership Agreement. “China
the encouraged investment catalog, improving will unswervingly follow the path of peaceful
services for investment promotion, to adding development, and always be a builder of world
more cities to the pilot program of opening the peace, a contributor to global development, and
service sector. A hallmark of China's economy, a defender of the international order," Xi said
opening-up has become an indispensable part of (Xinhua, Xi’s Economic Agenda).
the new development philosophy put forward by
Xi. Over the past decade, the country has adopted Digital Currency
a more active stance to integrate into the globe
and opened its door wider. The country set up its Many first attempts were made ever since
first free trade zone in its financial hub Shanghai the People's Bank of China (PBOC), the country's
in 2013 and has established 20 more nationwide. central bank, announced in early April 2022 a list
Negative list for foreign investment has been of 11 cities joining the trial use of the digital yuan,
shortened for five consecutive years. High-quality largely enriching the e-CNY's application scenarios.
cooperation under the Belt and Road Initiative Subsidies of up to 1 million RMB ($147,237) were
(BRI) has been promoted for mutual benefits. The granted in the form of e-CNY to new energy
Regional Comprehensive Economic Partnership vehicle owners in Sanya, Hainan province in May
(RCEP) agreement, the world's largest free trade 2022, which was the first of its kind in the country.
deal with China as one of signing members, came Another 4 million RMB in subsidies of the same
into force on the first day of 2022. As is well-known, type were provided in the following months. More
openness brings fiercer competition and higher than 200 companies in Shenzhen, Guangdong
requirements for governance. However, the wider province, were linked to a new prepaid e-CNY
the Chinese economy opens, the more confident platform. The platform is first experimented in
the country becomes when interacting with the education and training institutions, gyms, and
rest of the world. From putting forward the BRI to beauty and hair salons. Consumer payments
striving to build Hainan into a free trade port, Xi has will be collected in the e-CNY wallet first and
been pushing the world's second-largest economy payments will automatically be made when the
to embrace the globalization. China's adherence to service is completed. With the application of
opening-up has not only resulted in its own growth the digital yuan, companies will accelerate their
miracles but contributed greatly to the global digital transformation, while individuals and
development at large. China will press ahead with more small and micro-sized enterprises will be
high-quality Belt and Road cooperation to make it helped financially. Technology companies can also
high-standard, sustainable and people-centered. In provide solid proof showing the strides that the
a world still reeling from COVID-19, rallying support digital yuan has made. Alipay, the digital payment
for openness and building a community with a arm under e-commerce juggernaut Alibaba Group,
shared future is more pressing and prominent than launched a search function for e-CNY with which
ever. Over the past two years, China's economic users can open digital yuan wallets and make one-
governance has served as the anchor of stability stop e-CNY payments and transfers. The PBOC
for the world -- its stable production guaranteeing said in a meeting in late March 2022 that research
a lifeline for industrial and supply chains and of e-CNY should be further advanced while the
facilitating global recovery. Championing application expands in an orderly manner. As
multilateralism in battling the pandemic, China there is no preset technology route for the design
actively offered vaccines to countries in need, which of e-CNY, the digital currency is likely to breed
helped narrow the "immunization gap". Looking more innovative application scenarios, which
ahead, an increasingly open China will play an even
320
waver," Xi said when addressing the Boao Forum greater role in promoting peace and development.
for Asia (BFA) Annual Conference 2022. A flurry of China will implement the RCEP in full, seek the
policies ensued, as Boao has been a place to see conclusion of high-standard free trade agreements
China walk its talk on expanding high-standard with more countries and regions, and actively work
opening-up. The country's renewed opening- for joining the Comprehensive and Progressive
up efforts range from fully implementing the Agreement for Trans-Pacific Partnership and the
negative list for foreign investment, expanding Digital Economy Partnership Agreement. “China
the encouraged investment catalog, improving will unswervingly follow the path of peaceful
services for investment promotion, to adding development, and always be a builder of world
more cities to the pilot program of opening the peace, a contributor to global development, and
service sector. A hallmark of China's economy, a defender of the international order," Xi said
opening-up has become an indispensable part of (Xinhua, Xi’s Economic Agenda).
the new development philosophy put forward by
Xi. Over the past decade, the country has adopted Digital Currency
a more active stance to integrate into the globe
and opened its door wider. The country set up its Many first attempts were made ever since
first free trade zone in its financial hub Shanghai the People's Bank of China (PBOC), the country's
in 2013 and has established 20 more nationwide. central bank, announced in early April 2022 a list
Negative list for foreign investment has been of 11 cities joining the trial use of the digital yuan,
shortened for five consecutive years. High-quality largely enriching the e-CNY's application scenarios.
cooperation under the Belt and Road Initiative Subsidies of up to 1 million RMB ($147,237) were
(BRI) has been promoted for mutual benefits. The granted in the form of e-CNY to new energy
Regional Comprehensive Economic Partnership vehicle owners in Sanya, Hainan province in May
(RCEP) agreement, the world's largest free trade 2022, which was the first of its kind in the country.
deal with China as one of signing members, came Another 4 million RMB in subsidies of the same
into force on the first day of 2022. As is well-known, type were provided in the following months. More
openness brings fiercer competition and higher than 200 companies in Shenzhen, Guangdong
requirements for governance. However, the wider province, were linked to a new prepaid e-CNY
the Chinese economy opens, the more confident platform. The platform is first experimented in
the country becomes when interacting with the education and training institutions, gyms, and
rest of the world. From putting forward the BRI to beauty and hair salons. Consumer payments
striving to build Hainan into a free trade port, Xi has will be collected in the e-CNY wallet first and
been pushing the world's second-largest economy payments will automatically be made when the
to embrace the globalization. China's adherence to service is completed. With the application of
opening-up has not only resulted in its own growth the digital yuan, companies will accelerate their
miracles but contributed greatly to the global digital transformation, while individuals and
development at large. China will press ahead with more small and micro-sized enterprises will be
high-quality Belt and Road cooperation to make it helped financially. Technology companies can also
high-standard, sustainable and people-centered. In provide solid proof showing the strides that the
a world still reeling from COVID-19, rallying support digital yuan has made. Alipay, the digital payment
for openness and building a community with a arm under e-commerce juggernaut Alibaba Group,
shared future is more pressing and prominent than launched a search function for e-CNY with which
ever. Over the past two years, China's economic users can open digital yuan wallets and make one-
governance has served as the anchor of stability stop e-CNY payments and transfers. The PBOC
for the world -- its stable production guaranteeing said in a meeting in late March 2022 that research
a lifeline for industrial and supply chains and of e-CNY should be further advanced while the
facilitating global recovery. Championing application expands in an orderly manner. As
multilateralism in battling the pandemic, China there is no preset technology route for the design
actively offered vaccines to countries in need, which of e-CNY, the digital currency is likely to breed
helped narrow the "immunization gap". Looking more innovative application scenarios, which
ahead, an increasingly open China will play an even
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