China's State Council has announced an action plan to attract foreign investment by reducing the negative list for foreign investment access, expanding access to various sectors like telecommunication and healthcare, and scrapping the negative list for manufacturing. The plan aims to open up the Chinese market to foreign firms following a decline in overseas investment. Additionally, China has rolled out measures to revive inbound travel, including visa waivers and foreigner-friendly payment services, but faces challenges in attracting tourists post-pandemic.