China speeds up creation of ‘negative list’ for US
Print Edition
CHINA has accelerated the process of freeing up inbound foreign investment by compiling a list of industries deemed to be off-limits, a high-ranking economic planning official said yesterday.
In two-way talks in Beijing last week, China and the United States pledged to exchange by early next year “negative lists” of sectors closed to foreign investment, with the implication of unrestricted investment in other areas.
“Research work on the negative lists is being accelerated,” Gu Dawei, deputy director-general of the National Development and Reform Commission, told a news conference in Beijing.
“The goal is to broaden the inflow of foreign investment and let China receive better access to global capital.”
Since 2008, the two sides have sought to sign a bilateral investment treaty that would open up Chinese sectors to US investors. Talks have been fitful since President Barack Obama took office but resumed in July after China dropped blanket curbs on certain sectors, especially those in the service industry.
A draft proposal issued by the NDRC this month showed that sectors such as oil refining and insurance brokerage will be opened up, but it listed permitted sectors rather than the negative list sought by investors.
As well as relaxing inbound investment, regulators have also slashed rules on Chinese investment in foreign firms, which is set to reach US$120 billion this year.
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