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China to further utilize foreign investment

2019-11-22 12:41:26 english.www.gov.cn

The State Council released the opinions on further improving the utilization of foreign investment on Nov 7, with the aim of promoting high-quality development and unlocking market vitality.

The State Council released the opinions on further improving the utilization of foreign investment on Nov 7, with the aim of promoting high-quality development and unlocking market vitality.

The document puts forward 20 opinions in four aspects to safeguard a more “fair, transparent and predictable” business environment for foreign-invested enterprises.

EXPANDING OPENING-UP

To open up more sectors to foreign investors, China will continue to reduce the negative list for foreign investment across the nation and regions beyond pilot free trade zones, and eliminate restrictions that are not on the negative list.

China will move faster to further open up the financial industry, eliminate all restrictions on the scope of business for foreign banks, securities companies and fund management companies, and remove requirements on total assets for the establishment of foreign-funded banks.

Quantitative entry conditions will be reduced for foreign investors in banking and insurance industries. The requirements for total assets and operation time will be removed for foreign insurance brokerage companies, enabling business expansion in China.

Policies on foreign investment in the automotive industry will be fine-tuned to ensure equal market access for domestic and foreign automobile enterprises in manufacturing new energy vehicles. The measures for the “Parallel Credit Administration” will be revised to allow the transfer of credits between complete vehicle manufacturers invested by multinational companies in China.

To build a fair business environment, more efforts will be taken to eliminate institutional obstacles. The business scope for domestic and foreign enterprises should be unified, and the regulations for foreign investors in offering internet and entertainment services should be perfected.

FURTHER PROMOTING INVESTMENT

To encourage and lead more foreign investment in high and new technology industries, China will optimize guidance and services for related enterprises.

China will improve the construction of pilot free trade zones and bring them to the fore of opening-up. More provincial-level economic administration approval rights, particularly investment approval and market access, will be released to free trade zones should conditions permit.

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