China promises sound business environment for Belt and Road co-op

China vowed to create a sound business environment for countries along the Belt and Road and expand investment and trade cooperation, an action plan said on Saturday.

Investment and trade cooperation is a major task in building the Belt and Road, said the plan named Vision and Actions on Jointly Building Silk Road Economic Belt and 21st-Century Maritime Silk Road. [Special coverage]

"We should strive to improve investment and trade facilitation, and remove barriers for the creation of a sound business environment within the region and in all related countries," noted the plan.

China will speed up investment facilitation, eliminate investment barriers and push forward negotiations on bilateral investment protection agreements and double taxation avoidance agreements to protect the lawful rights and interests of investors.

"We should lower non-tariff barriers, jointly improve the transparency of technical trade measures, and enhance trade liberalization and facilitation," said the plan.

To expand cooperation, China will discuss with countries and regions along the Belt and Road on opening free trade areas so as to unleash great business potential.

China will increase cooperation in the exploration and development of coal, oil, gas, metal minerals and other conventional energy sources, said the plan, issued by the National Development and Reform Commission, Ministry of Foreign Affairs and Ministry of Commerce.

The country will also advance cooperation in hydropower, nuclear power, wind power, solar power and other clean, renewable energy sources.

"We should make innovations in our forms of trade, and develop cross-border e-commerce and other modern business models," said the plan.

In addition, China will push forward cooperation in emerging industries, including new-generation information technology, biotechnology, new energy technology, new materials and others.

"We welcome companies from all countries to invest in China, and encourage Chinese enterprises to participate in infrastructure construction in other countries along the Belt and Road, and make industrial investments there," said the plan.

The Belt and Road Initiative was raised by Chinese President Xi Jinping during his visits to Central Asia and Southeast Asia in 2013.