Financial news

China unveils more changes friendly to foreign investors

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Via China Daily

A bird’s-eye view of the Suzhou Industrial Park, a model of China’s economic cooperation with Singapore. [Photo provided to China Daily]

China rolled out more measures friendly to foreign investors, including further removing business restrictions and leveling the playing field for foreign businesses, to foster a more enabling business environment and attract overseas investment.

The decision was made on Wednesday at a State Council executive meeting chaired by Premier Li Keqiang. Meeting participants decided to open up more areas. Restrictive measures outside the national and FTZ negative lists on foreign investors’ market access will be consolidated.

Restrictions has been lifted on the business scope for those foreign-invested banks, securities companies and fund management firms that are already operating in China.

Policies on foreign investment in the automobile industry will be refined, including giving equal treatment in market access to domestic and foreign-invested new energy vehicles produced in China.

“We must improve our policies and implement them well,” Li said. “Promises made must be delivered. No failure is allowed.”

It also was decided to further facilitate investment. The pilot reform to facilitate the payments of revenues under capital accounts will be introduced in more places. Foreign investment made to mainland companies will be eligible for equity investment by these firms. Participants urged protection of the lawful rights of overseas investors on an equal footing, and prohibition of forced technology transfers in any form. Business confidentiality of foreign investors will be protected, they said.

Where the law permits, government purchases will not be limited based on the ownership types of companies the government buys from. Stronger incentives will be given to local level government in attracting foreign investment. More comprehensive bonded zones will be set up in central and western regions.

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