Another key agenda during Xi’s state visit would be law enforcement cooperation. (Photo : REUTERS)
President Xi Jinping urged for a quicker implementation of the strategy of free trade zones (FTZs) as an important part of a new round of reform and opening-up.
On Thursday, the president said before lawmakers from Shanghai that the country should aim for high-standard trade and investment rules, and strengthen its capability for allocating financial resources around the world.
China plans to have three more FTZ locations.
In a business climate survey, nearly three-quarters of American firms in Shanghai say that China's first free trade zone offers them no business benefits so far.
After the FTZ was set up in Sept. 2013, there remains unfulfilled promises of financial reforms, including full convertibility of the yuan currency and free interest rates.
Economists noted that when the contents of the FTZ terms are released, China's ability to manage capital flows will be tested.
Back then the State Council said that the FTZ should serve as an experimental field to push forward reforms, improve the open economy and accumulate experience.
Shanghai Mayor Yang Xiong had told the American investors that they will impose greater efforts toward financial liberalization in the FTZ, but said some decisions would depend on central authorities.
The business climate survey also revealed that more than half of respondents feel that China's regulatory investigations are likely to pursue foreign companies.
U.S. mobile chip giant Qualcomm last month agreed to pay nearly $1 billion in fines following an antitrust probe, the biggest ever slapped by China.
Chinese authorities have been launching investigations into alleged malpractices of foreign firms.
The president also emphasized the need of getting a bigger boost from science and technology innovation.
"Whoever has the top-tier innovation talents can occupy the leading position on science and technology innovation," Xi said.
China's economic growth slowed pace to 7.4 percent in 2014, its weakest annual expansion since 1990.
