China's State Council released guidelines that it claimed would further improve the nation's environment for foreign investment and draw in more of it.
In a document with 24 guidelines, the State Council recommended that authorities strengthen the enforcement of intellectual property rights as well as the protection of the rights and interests of foreign investors.
A temporary exemption from withholding income tax for foreign investors who reinvest their profits in China was among the guidelines for increased fiscal support and tax incentives for foreign-invested businesses that were announced in the document.
The State Council announced that it would look into developing a "convenient and secure management mechanism" for international data flows. The proposal comes at a time when international businesses, including global accounting firms, and authorities are at odds over data security.
China has made an effort to attract foreign investment as the country's recovery from the COVID-19 pandemic drags on due to weak export demand from important trading partners and ongoing turmoil in the real estate market.