Customers purchase goods at a duty-free store of a shopping mall in Haikou, South China's Hainan province, on July 12, 2020. [Photo/Xinhua]

China is taking more steps to open up its economy to foreign investors, as it aims to further facilitate investment and spur growth despite disruptions from the COVID-19 pandemic and mounting international uncertainties, officials and experts said on Tuesday.

Meng Wei, a spokeswoman for the National Development and Reform Commission, said the country will unveil a new negative list for market access to Hainan Free Trade Port by the end of this year, allowing foreign investors to have wider access in a number of key areas.

Meng said at a news conference that the upcoming negative list is part of the country's larger drive to build Hainan into a free trade port with a higher level of openness and attract more foreign investment.

"It's sending very clear signals of an unswerving push for further opening-up and facilitating free trade and investment," said Cui Weijie, director of the Chinese Academy of International Trade and Economic Cooperation's Institute of Industry Development and Strategy.

Cui cited the master plan for the construction of the Hainan Free Trade Port released in June, which said its negative list will dramatically reduce the number of prohibited and restricted items.

"It means the country will open more industries to foreign investors, which will significantly stimulate foreign trade and investment growth and help build an economy with a new level of openness in the future."

This year, global cross-border direct investment declined significantly amid the novel coronavirus pandemic. Against this backdrop, foreign investment has gradually stabilized in China, posting better-than-expected growth, said Meng from the NDRC.

Data released by the Ministry of Commerce showed China's actual use of foreign capital rose in the first three quarters of the year, both in yuan and dollar terms. In dollar terms it increased by 2.5 percent year-on-year to $103.26 billion.

"A number of major foreign projects have been implemented in an orderly manner this year," said Meng, adding that "their progress fully demonstrates foreign companies' confidence in China's development".

For example, German chemical giant BASF's new integrated petrochemicals project in Zhanjiang, Guangdong province, has completed the pile foundation construction for the first batch of equipment, Meng added.

"We will work with relevant parties to roll out the (new edition of the) catalog of encouraged industries for foreign investment by the end of this year, expanding the investment scope for foreign investors," Meng said.