China loosens curbs on foreign investment with new ‘negative list’
- Beijing says it has reduced the number of sectors subject to restrictions, including petroleum and gas exploration
- It comes after agreement with Washington to restart trade talks
China’s state planning agency on Sunday said it had cut the number of sectors subject to foreign investment restrictions, as Beijing moved to fulfil its promise to open major industries.
The National Development and Reform Commission (NDRC) said it had eased foreign investment curbs on sectors including petroleum and gas exploration and widened access to agriculture, mining and manufacturing.
The NDRC published on its website the new, shorter so-called negative list that sets out industries where foreign investment is limited or prohibited.
The number of sectors and subsectors on the negative list was cut to 40 from 48 in the previous version, which was published in June last year. The new list takes effect on July 30.
The NDRC document said domestic shipping agencies, gas and heat pipelines in cities with more than 500,000 people, cinemas and performance agencies no longer needed to be controlled by Chinese entities.