According to the Ministry of Commerce, more sectors are now open for foreign investment in China's 11 pilot free trade zones, ranging from helicopter manufacturing to financial services.
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.
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 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.
Since China launched its first pilot FTZ in Shanghai in 2013, another 10 provinces and municipalities have been included in the second and third batches of new FTZs in 2015 and earlier this year.
"The country is moving fast to lower thresholds for foreign investors. More industries have been accessible to foreign investment in the country's FTZs, while laws were amended last year to simplify the approval procedures for foreign companies," said Wei Jianguo, vice-chairman of the Beijing-based China Center for International Economic Exchanges. (Source: China Daily)
Previous：Specific Favorable Measures Will Be Released Next Month to Open Up 12 Key Fields
Next：China Softens Restrictions on Unregistered Businesses to Encourage Entrepreneurship