BEIJING — China will implement new regulations that aim to make it easier to do business from Jan. 1, 2020, China's state planner said on Wednesday, amid increasing pressure on the world's second largest economy.

The new policies will guarantee equal market access and protect fair competition in the market. They also promise to strengthen existing protections under the law.

Foreign companies operating in China have long complained of unfair treatment when it comes to market access, burdensome red tape and weak law enforcement. China's private firms, which have a harder time accessing financing than state-owned enterprises, have also been harder hit by the economic slowdown.

The measures said that foreign and domestic companies should be treated equally, as should all types of market entities regardless of ownership.

China will set up a punitive damage system for infringements on intellectual property, according to the measures. Intellectual property protection is a key issue in negotiations between China and the United States that seek to end a bruising trade war.

Public bids and government procurement should be transparent, fair, and open to all, the measures said.

The European Chamber of Commerce in China complained of "blatant discrimination" against foreign companies in public procurement, in a paper released in September.

The measures come as recent data points to increasing pressure on China's economy, which grew at a near-30-year low in the third quarter this year.

Meanwhile, China will boost imports of certain goods including agricultural, consumer and components products as part of its efforts to stabilize foreign trade, Chinese state television said on Wednesday, citing the cabinet.

CCTV said the State Council also decided to improve its policies on tax rebates, trade finance and insurance, and ease restrictions for capital account transactions as part of its efforts.

china will take steps to support trade and foreign investment, the cabinet said.

china will allow some foreign firms to conduct domestic equity investment by using their capital, and will allow some banks to make cross-border transfers of bad loans under a pilot scheme, it added.

The cabinet also reiterated that china will keep the yuan currency basically stable and maintain reasonable foreign exchange reserves.

Stabilizing trade and foreign investment is part of Beijing's policies to support the slowing economy that has been hit by a trade war with the United States.

China's economic growth is expected to slow to a near 30-year low of 6.2% this year and cool further to 5.9% in 2020, a Reuters poll showed, even as Beijing steps up policy stimulus. — Reuters