China, Japan, ROK expecting upside from further liberalization of industry

China will accelerate steps to open up its services sector and allow full foreign ownership in more areas, Premier Li Keqiang said on Tuesday.

In a speech delivered at the seventh China-Japan-Republic of Korea Business summit in Chengdu, Sichuan province, the premier said China's investment environment will become more fair, transparent and predictable, and the country will offer equal treatment to businesses under all forms of ownership.

China will become more and more open, and harsher measures will be adopted to crack down on intellectual property rights infringements, he said.

China stands ready to work with the two countries in giving play to complementary strengths, continuing to expand cooperation under market principles and expanding common interests even further, he said.

Li said he welcomes businesses from Japan and the ROK to take advantage of their close geographical proximity to China, seize new opportunities from China's expanded opening-up and achieve more business successes.

China, with its massive market, has seen rising demand for services such as eldercare, healthcare and day care for infants, he said.

The country is also promoting financial sector opening-up, with measures to allow full foreign ownership of securities firms, life insurers and futures and fund companies by 2020－a year earlier than originally scheduled.

"It (the opening-up in the services sector) will be a step-by-step process. But, with China's huge market, it will represent huge progress when you look back," he said.

The move will help the three countries cope with common challenges from aging societies, achieve health and financial stability and better realize common development, he said.

In his speech delivered at the summit, ROK President Moon Jaein called upon the three countries to jointly develop emerging sectors.

The three nations will be endowed with cutting-edge capacities in innovation in sectors such as manufacturing, the internet, artificial intelligence and healthcare－as long as they work more closely together, Moon said.

The three nations are not only committed to pursuing economic growth but also people-centered development, which will contribute to the resolution of global issues such as climate change, he added.

Japanese Prime Minister Shinzo Abe highlighted the importance of stepping up trilateral cooperation in rule-making in the digital economy and e-commerce sector.

The three countries must provide each other with fair, transparent and predictable business environments and step up understanding of each other's policies and systems, Abe said.

He also called upon the three nations to consolidate the multilateral trading system based on the World Trade Organization and further promote free trade.

Tomihiro Saegusa, president of Japanese retailer Ito-Yokado, said on the sidelines of the summit that China has made remarkable progress in the protection of intellectual property rights, and he believes the country will attract more foreign businesses.

The trade volume between China and Japan has expanded. A free trade agreement between the three countries will enable them to further lead economic growth in Asia, he said.