China will open more sectors and lower entry barriers to the world while forcing domestic reforms through high-level opening-up, Chinese Vice Minister of Commerce Qian Keming said at the China Development Forum on Sunday.

  With the improvement of people's living standards and the acceleration of industrial upgrading, the domestic demand for high-end consumer goods, intermediate products, capital goods and services is growing, but the domestic supply is insufficient, Qian said.

  The country needs to import over $2 trillion in goods and nearly $500 billion in services every year to fill the supply-demand gap, according to Qian.

  China should unblock supply channels, match supply with demand and form an efficient and fully opened domestic market through domestic reforms, Qian added.

  China has introduced negative lists for foreign investment, and it will clean up the restrictive measures outside the negative lists and cut the lists in the next step. It will also formulate a negative list for trade in services and promote opening-up in the services sector, Qian said.

  The pilot free trade zones and Hainan Free Trade Port will take the lead in the country's opening-up and reforms. China will make full use of the Canton Fair and the Service Trade Fair to support foreign firms in finding business opportunities in the country.

  China will also create a market-oriented business environment with international standards, Qian said.

  It will promote the effective implementation of the Regional Comprehensive Economic Partnership, bring about formal signing of the China-EU investment deal, and accelerate the negotiation of the free trade agreement among China, Japan and South Korea.

  Source: CGTN