Fewer restrictions for foreign investors
Print Edition
CHINA will substantially reduce restrictions on foreign investors to further open up the economy.
An official with the nation’s top economic planner said yesterday that a new negative list on foreign investment will impose a much smaller number of restrictions.
At the same time, measures will be unveiled to open up in fields such as finance, automobiles, energy, resources, infrastructure, transport, commercial circulation and professional services.
Yan Pengcheng, spokesman for the National Development and Reform Commission, said the list will also increase the predictability of policies by giving timetables and grace periods for opening-up measures to be taken in the years ahead.
On Tuesday, the NDRC announced that the new negative list will be published as early as possible in the first half of this year. China started to pilot a negative list approach in the Shanghai free trade zone in 2013. All sectors are open to foreign investors except for those outlined in the negative list.
Foreign and domestic companies will be given equal treatment in the implementation of the Made in China 2025 strategy and other areas, including government purchase and technology programs, Yan said.
The Made in China 2025 strategy is a plan to upgrade the country’s manufacturing sector.
Authorities will boost efficiency of services for foreign firms in terms of business establishment, construction permission and cross-border trade, Yan added.
With regard to trade frictions with the United States, there has been a limited but controllable impact on the Chinese economy, he said. “China has prepared multilevel response plans and backup policies for the US-initiated trade frictions.”
Supply-side structural reform and new growth momentum have laid a solid foundation to prepare China for the external impact, Yan said, citing a reassuring performance of China’s economy in the first quarter.
The economy demonstrated its resilience by delivering a solid start to the year with GDP growing 6.8 percent year on year.
“China, with a population of nearly 1.4 billion, has a huge domestic market, and even if the east goes dark, the west still shines,” he said. “We are confident and capable of sustaining the stable development of our economy.”
While certain sectors of Chinese exports will be affected, consumers and related manufacturers in the US will pay the price of American protectionist policies, Yan added.
“We hope to work together with other countries to create a more favorable environment for globalization and cross-border investment.”
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