China allows more foreign investment
Print Edition
CHINA said yesterday that it is opening up more industries to foreign investment and encouraging foreign funding in strategic sectors such as green energy and research and development.
A revised guideline on foreign investment, due to take effect on April 10, “aims to make foreign investment adapt to China’s new conditions,” said Wang Yiming, vice secretary general of the National Development and Reform Commission.
Wang said the revision, the sixth since the original guideline was issued in 1995, marked the largest opening-up efforts so far.
“We hope to open further to foreign investment, make the business environment more transparent, and attract foreign funds of higher quality to accelerate China’s industrial restructuring and economic reform,” he said.
The 2015 guideline lists 38 industries where foreign investment is restricted, down from 79 in the previous version.
It lifts restrictions on foreign investment in sectors such as e-commerce, franchising, subway construction and cultural performances.
It also drops the share requirement in the steel, ethylene, papermaking, hoist machinery, power transmission equipment and liquor industries to allow foreign investors full ownership.
The guideline lists 349 industries as inviting foreign investment. They range from agriculture, mining and manufacturing to commerce, science, public facilities and cultural industries, and are subject to preferential policies such as the exemption of duties for imported equipment.
Many of them focus on advanced technologies to offer solutions to upgrading industries, raising efficiency, improving people’s livelihoods, treating waste and reducing pollution.
In particular, foreign companies are encouraged to cooperate with Chinese counterparts to explore and develop energies such as oil shale and shale gas with the use of new technology.
Businesses such as nursing homes for the elderly and architectural design, which used to be in the restricted category, now welcome foreign investment.
Industries that still forbid foreign investment include weapons manufacture, news production and tobacco.
In 2014, China took in US$119.6 billion in non-financial foreign investment, up 1.7 percent year on year. It helped China surpass the United States to become the world’s top destination for foreign investment.
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