China Culls Foreign Investment ‘Negative List’
*China’s top economic planner and its Commerce Ministry will open up several industries to greater foreign investment, including airplane design and manufacturing, railway construction and agriculture
*A total of 48 sectors remain on the ‘negative list,’ including entertainment, internet publications and law firms
(Beijing) — China is further opening up its market to foreign capital, easing investment curbs on a wide range of industries, including banking, automotive, infrastructure, heavy industry and agriculture.
The National Development and Reform Commission (NDRC), China’s top economic planner, and the Ministry of Commerce jointly published the 2018 version of the so-called “negative list” on Thursday, which removed foreign ownership restrictions on some industries in China.
The number of restricted items on the latest list dropped to 48 from 63 the previous year. The new list will take effect on July 28.
In a statement on its website, the NDRC said that the culling of the negative list illustrated China’s commitment to further opening up its market to foreign investment.
The new list mapped out opening-up measures in 22 industries, including banking, mining, automotive, shipping, airplane design and manufacturing, railway construction, and agriculture.
The government has repeatedly vowed to open up more of the domestic market to foreign capital. It is now preparing to follow through on those promises while still maintaining domestic control over media and entertainment, internet publications, law firms, nuclear facilities and tobacco.
In the banking industry, foreign companies will also be allowed to own a controlling 51% stake in joint ventures for financial services such as securities, fund management, futures and life insurance. Then, in 2021, all restrictions on foreign holdings in the financial sector will be removed.
In the automotive industry, foreign ownership limits on new-energy vehicle manufacturers will be removed in 2018.
The caps on foreign ownership in the automotive, power grid, transportation, energy, agriculture, shipbuilding, aircraft design and manufacturing industries have also been eased or scrapped.
Contact reporter Pan Che (email@example.com)
Apr 19 23:01
Apr 19 18:07
Apr 19 17:18
Apr 19 15:49
Apr 19 14:47
Apr 19 12:01
Apr 19 11:31
Apr 19 02:45
Apr 18 17:03
Apr 18 12:54
Apr 18 10:19
Apr 18 03:26
Apr 18 02:59
Apr 18 02:21
Apr 18 02:32
- 1MSCI Postpones China Index Transition for Nearly Six Months
- 2Incident in Shandong Pharmaceutical Plant Kills 10
- 3JD Logistics Might Go Bust in Two Years if Losses Continue, Founder Says
- 4Jack Ma and Richard Liu Voice Support for Intense ‘996’ Work Culture – and People Are Not Happy About It
- 5‘Avengers: Endgame’ Has Made 400 Million Yuan in China – And It’s Not Even Out Yet
- 1Power To The People: Pintec Serves A Booming Consumer Class
- 2Largest hotel group in Europe accepts UnionPay
- 3UnionPay mobile QuickPass debuts in Hong Kong
- 4UnionPay International launches premium catering privilege U Dining Collection
- 5UnionPay International’s U Plan has covered over 1600 stores overseas