China opens more sectors to foreign investment

China on Friday issued a new catalog of industries where foreign investment will be encouraged, opening more sectors to foreign investment.

The 2022 version of catalog, jointly unveiled by China's National Development and Reform Commission (NDRC) and the Ministry of Commerce, will include 1,474 items, with 239 new items added and 167 existing ones modified.

The revision is particularly relevant to items related to the manufacturing sector and producer services and aims to optimize the foreign investment layout.

The latest version of the national-level sub-catalog will focus more on the high-quality development of the manufacturing sector and technological upgrading.

Professional design, technical services and development are among new sectors added to the catalog. More sectors are added to the sub-catalog for central and western regions.

The expanded catalog represents a significant step for China to advance high-level opening-up, stabilize foreign investment, and optimize the structure of foreign investment, said an official with the NDRC, adding that it will boost the expectations and confidence of foreign investors.

The new catalog will take effect on Jan. 1, 2023.