China has set its sights on exploring new frontiers for opening-up, with education and culture being the next areas of focus, which senior executives said are windows of opportunity for foreign companies that are only set to widen.

"Last year, China pushed for pilot projects to expand opening-up in the areas of value-added telecommunications, biotechnology and wholly owned hospitals in eligible regions," said He Yongqian, a Ministry of Commerce spokesperson, at a news conference on Thursday.

The results have been tangible, with 13 foreign-invested enterprises already being granted licenses to operate value-added telecommunications services, over 40 foreign biotech projects established and three wholly foreign-owned hospitals approved, according to the ministry.

As China continues to build on the success of these initial pilot programs, policymakers are now exploring ways to expand opening-up trials to sectors such as education and culture, He said.

Data from the ministry showed that the 11 provincial regions selected for opening-up pilot initiatives in the services sector collectively attracted $41.3 billion in foreign direct investment last year — a figure that accounts for over half of China's total foreign investment in the services sector.

This opening to foreign investment helps foreign firms further tap into the Chinese market, said Malu Nachreiner, head of the Region Asia for the Crop Science Division of Bayer.

"We have heard and seen how eager the Chinese government is to welcome foreign companies, which creates a positive environment for collaboration and growth. This is what makes us very excited. We have seen this trend of opening-up for foreigners happening in every single industry," Nachreiner said.

He, from the ministry, said that the Chinese government will continue to extend equal treatment and support to both domestic and foreign companies in large-scale equipment upgrades, consumer goods trade-ins, government procurement processes and bidding competitions.

"The goal is to ensure that foreign enterprises operating in China are provided with a fair and level playing field, allowing them to compete on an equal footing with their domestic counterparts," the spokesperson added.

"I've always found that China has been opening-up and we have not seen in any situation where the opening-up process has been slowed down or been reversed," said Benjamin Lam, deputy president of MUFG Bank (China), a subsidiary of Japan's Mitsubishi UFJ Financial Group.

After strategically reviewing their business operations in China, more multinational corporations are reaffirming their commitment to developing and continuing business in the country, Lam said.

According to a survey released in February by the Japanese Chamber of Commerce and Industry in China, as many as 58 percent of its member enterprises have indicated that they plan to either expand or sustain their existing investment footprint in China this year.

A report by the American Chamber of Commerce in China in January has also revealed that more than half of surveyed US-invested enterprises are poised to increase their investments in the country this year.

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