China issues action plan on further opening up its market

The General Office of the Communist Party of China (CPC) Central Committee along with China's State Council on Sunday published an action plan to guide the building of a high-standard market system in the next five years.

The plan indicates that building a high-standard socialist market system is of great significance in constructing a "dual circulation" economic development pattern, where domestic development is taken as the mainstay, and domestic and international development reinforce each other.

Property rights protection, which includes protecting property rights on an equal basis, will be improved, regardless of the public or private ownership status, and the judicial system in property rights protection will also be strengthened.

The plan reiterates that China allows foreign capital to have majority control in joint-venture banks, or securities, while asset management companies can be wholly foreign-owned or jointly owned, adding that China is formulating measures in managing bond issuance by overseas institutions in the domestic bond market.