Page 37 - REPORT ON THE WORK OF THE GOVERNMENT

ownership can compete and grow on a level playing field. Effective measures and
policies should be rolled out to stabilize market expectations and boost market

confidence.
4. Intensifying efforts to attract and utilize foreign investment
We should expand market access and continue to open up the modern services
sector. We should ensure national treatment for foreign-funded companies.
We should take active steps to see China join the Comprehensive and

Progressive Agreement for Trans-Pacific Partnership (CPTPP) and accede to other
high-standard economic and trade agreements, and steadily expand institutional
opening up by proactively adopting relevant rules, regulations, management, and

standards. We should improve planning for regional opening up, upgrade pilot
free trade zones, and give play to the role of platforms for opening up, such as the
Hainan Free Trade Port and various development zones, as testing grounds. We
should continue to leverage the role of imports and exports in driving economic
growth. We should improve services for foreign-funded companies and facilitate

the launch of landmark foreign-funded projects.
With a vast and open market, China is sure to provide even greater business
opportunities for foreign companies in China.
5. Effectively preventing and defusing major economic and financial risks

We need to deepen reform of the financial system, improve financial regulation,
and see that all those involved assume their full responsibilities to guard against
regional and systemic financial risks. We should ensure effective risk prevention
and mitigation in high-quality, leading real estate enterprises, help them improve
debt-to-asset ratios, and prevent unregulated expansion in the real estate market to

promote stable development of the real estate sector.
To prevent and defuse local government debt risks, we should improve the
mix of debt maturities, reduce the burden of interest payments, and prevent a

build-up of new debts while working to reduce existing ones.
6. Stabilizing grain output and advancing rural revitalization
We should adopt an integrated approach to promoting agricultural and rural
modernization. We should keep total grain acreage at a stable level, promote the
production of oilseed crops, and launch a new drive to increase grain production

capacity by 50 million metric tons. We should improve contingency plans for
ensuring the provision of agricultural supplies at stable prices. We should
strengthen farmland protection and ramp up the development of high-standard

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