Zhang Yu JeniZhang13@163.com THE third plenary session of the 20th Communist Party of China Central Committee has ushered in a wave of new opportunities and confidence for foreign-funded enterprises operating within the country, according to Klaus Zenkel, vice president of the EU Chamber of Commerce in China (EUCCC) and Chairman of the European Chamber South China Chapter. The 20th Central Committee of the Communist Party of China passed a pivotal resolution aimed at comprehensively deepening reform to propel Chinese modernization forward during the session, which spanned from Monday to Thursday. This meeting has been deemed an epoch-making event in the advancement of China’s reform and opening up, setting a historic course for significant economic and political transformations within the country. According to the resolution, China will further deepen reform of the foreign investment management system. Zenkel highlighted the Chinese Government’s commitment to opening up, which stands to benefit foreign investors through increased convenience for foreign investments and the assurance of equal treatment. “It’s encouraging to witness ongoing reform, a commitment to high-quality growth and innovation, and an increasingly open market,” Zenkel told Shenzhen Daily. “While we appreciate the decisions reached, the true test lies in their swift implementation, which we hope will benefit both domestic and international companies alike. Overall, this is a promising development, and we’re looking forward to the implementation,” he added. The policies emerging from the session are expected to bolster the confidence of European companies, particularly those aligned with high-tech and advanced technology sectors, according to Zenkel. The 2024 Business Confidence Survey conducted by the EUCCC showed that optimism regarding the Chinese market’s openness was at a nine-year high, a sentiment credited to consistent market openness, visa-free policies, and the blossoming of the Guangdong-Hong Kong-Macao Greater Bay Area. South China has emerged as a more business-friendly region, with 61% of survey respondents acknowledging the ease of doing business, a testament to market openness, robust infrastructure development, and a nurturing environment for innovation and technology, as per the survey. Zenkel highlighted that Shenzhen, a vibrant innovation hub with a robust emphasis on research and development, has long benefited from superior logistics and an enduring policy of openness to foreign investment since its designation as a special economic zone in 1980. He encourages European businesses to capitalize on favorable policies, remain abreast of regulatory changes, and consider investing in increasing automation in production and participating in more collaborative programs with Chinese universities. Meanwhile, the Chinese Government can further refine the business landscape by improving market access, reinforcing protection of intellectual property rights, clarifying data regulations, and smoothing the path for attracting and retaining talent, according to Zenkel. Zenkel believes the prospects for trade and economic collaboration between China and the EU are promising. “By addressing existing issues and working together, both sides can harness opportunities for mutual growth and prosperity,” he said. | 