has been and will continue to be a key driver of China’s economic growth. In 2018, corporate and individual tax cuts to
taled 1.3 trillion yuan, and industrial profit increased by 11.8 percent, compared with the previous year.
“As reform deepens in all areas, including sweeping fiscal and tax reform and stren
gthening of IPR protection, China will create more opportunities for the world,” he said.
China’s opening-up is the third opportunity. Liu said despite the steep drop in glo
bal FDI, foreign investment flowing into China totaled $135 billion, which was up by 3 percent last year.
The country is also lifting the restrictions on foreign ownership in joint-venture companie
s in sectors including banking, insurance, securities, auto manufacturing, and shipbuilding.
Moreover, as the Chinese people have an increasing appetite for overseas products, the country is moving from being a global seller to a global buyer.