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Reuters

The mainland is moving to raise its global competitiveness by loosening restrictions on foreign investment in more manufacturing and services sectors, the National Development and Reform Commission said.
In a draft foreign investment catalogue, the number of sectors in which foreign investment is limited is cut to 35 from 79, opening up areas such as real estate, steel, oil refining, paper making and premium spirits.
The draft catalogue, the latest revision of a list first distributed in 2011, also removes restrictions on foreign participation in some financial services, including finance companies and insurance brokerages.
Beijing, however, would continue to bar foreign investment in key sectors, the draft said, with mainland legal affairs consulting, tobacco and cultural relics businesses added to the list.
The NDRC said the measures were aimed at adapting to a more globalised economy and would help the mainland actively hasten its "opening up" process and improve transparency.
"This is kind of piecemeal," said lawyer Todd Wang from DLA Piper, who specialises in US-China business transactions. "[The draft list] represents what has been happening over the past few years."
The European Union Chamber of Commerce said the draft catalogue fell short of expectations and appeared "to be another incremental development" for some foreign firms.
"The removal of the investment catalogue altogether, in favour of a short negative list, and increased opening in the service sectors, would have been more ambitious," it said.
The NDRC said the focus was "on opening up manufacturing and services sectors to the outside", adding that the move would help boost the mainland's international competitiveness.
"Allowing foreign investment to enter industries with overcapacity and outdated technology can accelerate efforts to upgrade the industrial structure through market competition," NDRC researcher Long Guoqiang told Xinhua.
The draft lists 349 sectors that welcome foreign investment, including vocational training and services for children and the disabled. The NDRC is seeking feedback on the proposed revisions until December 3.
Meanwhile, the State Council said yesterday the mainland would cut red tape for approving new investment to improve government efficiency and boost capital spending.
An online system for approving investment would be created to streamline government procedures, Premier Li Keqiang was quoted as saying on the government's website after a weekly cabinet meeting.


Beijing proposes draft rules to ease limits on foreign investment

Beijing proposes easing foreign investment limits


Business

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Markets & Investing

Draft rules opening up dozens of industries aim at raising mainland's global competitiveness


The mainland is moving to raise its global competitiveness by loosening restrictions on foreign investment in more manufacturing and services sectors, the National Development and Reform Commission said.
