BEIJING -- China's policy of further opening up the market has boosted foreign investor confidence, while overseas investments of Chinese companies will present new opportunities, according to international law firm Baker McKenzie.

Paul Rawlinson, global chair of Baker McKenzie, said China has shown continuity in its policy of opening up and encouraging investments overseas.

"It creates an environment where people see a lot of return for investments," he told Xinhua. "As China seeks to develop a modern economy in a new era, investors will shift their current focus on energy and mining infrastructure to a wider agenda including high-tech, healthcare and consumer goods."

"It has been the time when China diversified on a much wider scale now than it used to," he said.

Stanley Jia, chief representative of Baker McKenzie's Beijing office, said China had hugely improved its manufacturing capability thanks to its opening-up policy, and had "become one of the major manufacturing powerhouse in the world."

Further opening-up of the market and fewer restrictions for foreign investments in certain sectors will help China enhance its service sector, which is "necessary for the country to become a real economic powerhouse," according to Jia.

Jia noted that the negative list approach will significantly ease the uncertainties of foreign investors in obtaining approvals, with more transparent procedures and clearer regulations.

China will roll out a nationwide negative list to further open up to foreign investment. The negative list model, which states sectors and businesses that are off limits to foreign investment, will be adopted nationwide as early as 2018.

On Aug 16, the State Council issued a document saying that China would make its foreign investment environment "more law-based, internationalized and convenient."

"The country should continue to reduce market access restrictions for foreign capital," the document said.