New rules from the Cyberspace Administration of China will force blockchain companies to censor information deemed 'threatening' to national security and allow authorities to access and inspect user data. Photo: Reuters

China has expressed a strong desire in opening up and setting up a new economic system, as the latest Government Work Report has given a detailed discussion on attracting foreign capital, Economic Information Daily reported.

According to the Work Report, the country will open up its general manufacturing industry in an all-round manner and further open up the sectors of telecommunications, medical care, education, elderly care and new energy vehicles.

Also, it will open up the market for bank cards clearing and relax restrictions on the business scope of foreign-funded insurance brokers.

And it will loosen or cancel the restrictions over the proportion of foreign equity in the areas of banks, securities, fund management, futures and financial assets management companies.

Insiders think the willingness to open up shown in the Work Report is higher than they had expected, and relevant policies are likely to kick off soon.

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