Expats to have easier China residency under pledges by Xi's reform group
A streamlined application process among raft of policy directions steering group supports as Beijing seeks to bolster access for foreign players
China will open its economy wider to the outside world and make it easier for foreigners to obtain permanent residency to help deepen domestic reforms, President Xi Jinping told a leading group in charge of steering the country’s reforms on Tuesday.
“China should make unswerving efforts to attract foreign investment and foreign technology, and improve the mechanism for the country’s opening up,” Xi was quoted by Xinhua as saying.
The leading group approved a directive that vowed to make it easier for foreigners to obtain residency, including revising the application requirements and simplifying the process.
Currently foreigners can obtain residency through investing a minimum of US$500,000, employment in senior roles or through legal connections to family members who are already citizens, such as through marriage.The leading group said the government would “resolutely dismantle all systematic barriers to opening up”.
China would build an internationalised business environment under the rule of law by pushing reforms on relaxing market investment access, building free-trade zones and expanding inland economic development zones. It also vowed to accelerate Chinese companies’ overseas business ventures.
The group said the government would closely integrate foreign investment with the changing economic structure, with a focus on introducing advanced technology, management experience and high-quality talent.
It said further opening-up should be linked to the “One Belt, One Road” strategy – China’s ambitious plan to create a regional land and maritime corridor.
Other directives approved at the meeting included a negative list approach to regulating market access, relaxed border control policies and encouragement of state-owned enterprises to absorb private capital.
Amid a slowing economy and a plummeting stock market, Premier Li Keqiang sought to reassure investors over the health of China’s economy at the World Economic Forum in Dalian in Liaoning province last week.
“China is not a source of risk but a source of growth for the world,” Li said. “Despite some moderation in speed, the performance of the Chinese economy is stable and it is moving in a positive direction.”
