Beijing says it will make it easier for foreign firms to invest in China, reduce restrictions
- Full foreign ownership of companies will be allowed in more areas of the economy and it will cut number of industries where foreign investment is limited or barred
- Commerce minister also says FDI into the country rose 3 per cent last year
China will reduce restrictions on foreign investment and address difficulties facing foreign companies investing in the country, the commerce minister said, according to a transcript of an interview he gave to state media.
Commerce Minister Zhong Shan said China would allow full foreign ownership of companies in more areas of the economy and would reduce the number of industries in which foreign investment was restricted or barred, according to the transcript posted on the commerce ministry website on Sunday.
The comments appeared to be largely reiterations of past pledges by Chinese officials for further market opening.
Foreign direct investment (FDI) into China rose by 3 per cent year-on-year to US$135 billion in 2018, Zhong said in the interview on Friday, according to Xinhua.
That would mark a slowdown from growth rates of 7.9 per cent in 2017 and 4.1 per cent in 2016.
But Zhong said China had maintained stable FDI growth “against a gloomy global climate”, noting that total FDI around the world had slumped by 41 per cent in the first half of last year.