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China's foreign exchange regulator is maintaining a firm stance on freeing cross-border capital investments amid the acceleration of financial opening-up. [Photo/IC]

China's economy is projected to recover further during the third quarter and clock a higher GDP growth rate on the back of the prudent, flexible monetary policy and targeted measures to sustain the recovery, central bank officials said on Wednesday.

China's leadership has announced a series of measures to expand opening-up and has moved ahead to lower the import tariffs on vehicles and auto parts, anti-cancer drugs, and daily consumption goods, and to eliminate specific measures such as restrictions on the proportion of foreign ownership of banks and financial asset management companies. The country's initiatives in opening up the market have greatly reduced or even eliminated the doubts of the international community regarding the prospects of economic globalization, and have also injected new dynamism into the recovery of the world economy.

China's early recovery from the COVID-19 pandemic, the rebounding consumption levels and efficient production resumption have helped global companies in China to remain viable and profitable compared with other parts of the world, said Julien Hueber, executive vice-president of Industry Solution and Project Business Group at Nexans, a French cable manufacturer.

China's foreign direct investment grew 6.8 percent year-on-year to 369.06 billion yuan (.3 billion) in the first five months of this year, according to the Ministry of Commerce. From January to May, manufacturing FDI in China reached 112.89 billion yuan, up by 12.4 percent year-on-year.