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CHINA will ease the rules governing the locations, stock ownership and business scope for foreign investors in the service sector as it moves to improve the quality of investments, a senior economic planner said in Beijing on Saturday.
Zhang Mao, vice minister of the National Development and Reform Commission, said the country would stick to its policy of opening and promote a "quantity-to-quality transformation in attracting foreign investment."
He, however, added that existing curbs on foreign investment in key industries allied to China's national security and its citizens' livelihood remained.
"The point (of the transformation) is to absorb advanced technologies and management skills from foreign countries," Zhang said. "Foreign investors are expected to play a positive role in this regard."
He said foreign investment would be encouraged in high-tech, equipment and new material manufacturing and logistics businesses. He added more incentives will be given for foreign investments in the country's central and western hinterlands.
But Zhang reiterated China will bar foreign investors from setting up businesses for export only. It will also ban them from setting up projects which pollute and businesses that consume too much energy and resources.
The authorities would also create a sound investment environment by simplifying examination and approval procedures and steadily accelerating the free exchange of the country's yuan currency under the capital account.
The government would establish a cross-department supervision mechanism over foreign mergers and acquisitions to safeguard national economic security, he said.
Assistant Minister of Commerce Chong Quan said multinationals were encouraged to strengthen cooperation with their Chinese partners in promoting regional development, technological innovation, outsourcing services, product safety and exercising corporate social responsibility.
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