Restrictions eased for foreign investors
Print Edition
CHINA will remove business restrictions on foreign banks, brokerages and fund management firms, a Cabinet meeting chaired by Premier Li Keqiang said yesterday.
China has stepped up efforts to open its financial sector amid a trade dispute with the United States, with increased access to its financial sector among a host of demands from Washington.
Last week, China announced a firm timetable for opening its futures, brokerage and mutual fund sectors fully to foreign investors next year, the latest step to deregulate the country’s trillions of dollars worth of financial industry.
The Cabinet did not elaborate on what effect the removal of the curbs would have.
China will also support local governments’ efforts to attract more foreign investment and give foreign investors more leeway in overseas borrowing, the Cabinet said.
China will not allow forced technology transfers by foreign firms, it said.
Stabilizing foreign investment is part of China’s policies to support the economy.
The government has been leaning heavily on fiscal stimulus to support the economy, including big tax cuts and increased spending on infrastructure investment.
Tax and fee cuts amounted to 1.5 trillion yuan (US$211.32 billion) in the first eight months, which has helped ease burdens on firms, boost incomes and employment, with the full-year reductions set to exceed 2 trillion yuan, the Cabinet said.
The policies of cutting tax and fees should be implemented carefully, and efforts should be made to solve difficulties for enterprises, to ensure that tax on manufacturing industry and other major industries will drop significantly, according to a statement issued after the meeting.
The government will also support local governments facing fiscal difficulties to ensure wage payments, the Cabinet said.
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