Growth focus refined

China will continue to open up to the global economy even as it focuses on high-quality growth and fostering domestic demand, says the top economic planner.

That came as European Union ministers were advised to diversify supply chains away from China.

Plans for a dual-circulation economy requiring more domestic production and consumption did not mean the country wanted to pull back from globalization, said Zhao Chenxin, deputy head of the National Development and Reform Commission.

And Beijing will publish a 2022 list of industries in which foreign investment is encouraged, Zhao added.

On the economic outlook, Zhao said there was a significant rebound in the third quarter, with major indicators improving. Inflation was mild and the employment situation was stable.

China's securities regulator is planning to ease restrictions on short-term stock transactions by overseas mutual funds, according to a report by the state-run China Securities Journal.

Authorities are also allowing overseas funds to conduct short-term trades if their stake in a listed firm is held by multiple fund products issued by the same management company.

In a sign that private firms are heeding Beijing's efforts, at least eight mutual funds announced plans yesterday to invest in their own equity products.

The moves, though, will add only short-term effects, according to Steven Leung, executive director at UOB Kay Hian in Hong Kong.

And while the changes may help stem further losses it may not be enough for a turnaround, said Yan Kaiwen, an analyst with China Fortune Securities.