Chinese Premier Li Keqiang addresses the opening ceremony of the Annual Meeting of the New Champions 2019, also known as the Summer Davos Forum, on July 2 in the city of Dalian.

Premier Li Keqiang pledged that China would become more open, transparent and predictable for foreign investment and that its business environment would further improve.

Li made the remarks in an address at the opening ceremony of the Annual Meeting of the New Champions 2019, also known as the Summer Davos Forum, on July 2 in the city of Dalian.

“China will unswervingly promote opening-up on all fronts,” Li declared.The country will support foreign investment in advanced manufacturing industries such as electronic information, equipment manufacturing, medicine and new materials as well as promoting broad investment in the central and western regions, Li explained, adding that favorable policies would be unveiled on equipment imported for self use, corporate income taxes and land acquisition.

The premier revealed that China would remove caps on foreign ownership of brokerages, futures dealers and life insurers by 2020, a year ahead of the previous plan, as part of efforts to further open financial and other modern service industries.

Restriction on foreign investor access to value-added telecommunications and transportation would also be reduced, he said.

Li also promised to implement the commitment to give national treatment to foreign-funded institutions in areas of credit information, credit ratings and payments. The two-way opening of China's bond market will also be expanded, he added.