China will lift all restrictions on the business scope of foreign banks, securities companies, fund managers and other financial institutions operating in China under new guidelines on foreign capital issued Thursday by China’s State Council.

In a sweeping policy document, the cabinet emphasized opening-up as the country’s basic state policy and pledged to deepen opening-up efforts. The new guidelines also remove capital requirements for foreign banks and insurance brokerages setting up branches in China, according to the document posted on the State Council’s website.

“Foreign capital plays a unique and important role in China’s economic development,” the State Council said. “To promote high-quality development and modernization, we must always attach great importance to the use of foreign capital.”

The government issued the guidelines as China and the U.S. move closer to ending their trade war, with both parties agreeing to roll back tariffs on each other’s goods in phases.

China will also ensure that new-energy vehicles made by domestic and foreign automakers enjoy equal market access, according to the policy statement. Government procurement will treat foreign companies equally, the guidelines say.

The State Council also asked the immigration department and local governments to make it easier for foreign talent to work in China.

Contact reporter Denise Jia (huijuanjia@caixin.com)