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(ECNS) – The Shanghai free trade zone (FTZ) has removed more than a quarter of its restrictions on foreign investment to further liberalize the market, with gambling and sex industries still a forbidden zone.
On Tuesday, the Shanghai FTZ issued a new version of the "negative list" that cuts the number of restrictions on foreign investment from 190 to 139.
The revision includes the removal of 14 restrictions in the service and manufacturing industries, as well as relaxation of conditions in 19 areas covering real estate, infrastructure, business services and shipping services.
Several of the deletions were already covered by law, such as investment in illegal activities such as gambling or pornography. These activities are already illegal in China, listing them out as prohibitions on the negative list is no longer necessary, said an official of the Shanghai FTZ.
However, restrictions still remain in areas such as direct selling. The new negative list stipulates that a foreign investor must have at least three years of overseas direct selling experience, and the company's registered capital should be no less than 80 million yuan ($13 million).
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