More sectors are now open for foreign investment in China's 11 pilot free trade zones, ranging from helicopter manufacturing to financial services, the Ministry of Commerce announced on Thursday.
China has pledged to offer more market space to foreign companies to carry out manufacturing, transportation, information, mining, scientific research and culture-related business in these zones.
The central government removed the restriction that Chinese partners must hold stakes when foreign businesses set up companies to manufacture helicopters over three metric tons in its FTZs, and that urban rail vehicle production business must be conducted under the format of joint ventures.
In addition, they are entitled to establish companies with individual ownership.
Eager to restore the country's earning ability, the State Council, or China's cabinet, on June 16 issued the 2017 negative list for its FTZs, which removes 27 items which were in the 2015 edition, leaving 95 areas off-limits to foreign investors after four sets of modification since 2013.
The country had 190 entries on its negative list when the first FTZ－the Shanghai Pilot FTZ－was launched in September 2013.
The 2017 negative list has further clarified the requirements of investors' background, earning ability and stock proportion for foreign companies to participate in China's banking and insurance industries to raise transparency and competitiveness in China's FTZs.
Expert said the revision can be viewed as a significant move by China to open its economy in a global environment of rising protectionism.
Previous：The Sharing Economy of China is Facing More mixed Market Competition under Government Support
Next：China-led Asian Infrastructure Investment Bank (AIIB) Made 'Great Strides': Philippine Finance Chief