China's new shortened negative list for foreign investment formally came into effect on Thursday, an unambiguous indication of the nation's effort to create a more conducive environment for foreign investment despite the rise of populism around the world.
The new list attests to the nation's unwavering push for high-level opening-up and firm support for economic globalization, Chinese news site finance.people.com.cn reported on Thursday, citing the National Development and Reform Commission (NDRC).
The nation slashed items off limits to foreign investment from 40 to 33 in the the new list jointly released by the NDRC and the Ministry of Commerce in late June.
Services, manufacturing and agriculture sectors have been further opened. with the availability of the new negative list. Restrictions on foreign shareholding in securities companies, securities investment fund management companies, futures companies, and life insurance companies were scrapped.
Limits on foreign investment share ratios in commercial vehicle manufacturing will be lifted, and regulations prohibiting foreign investment in the smelting, processing and nuclear fuel production of radioactive minerals will also be eliminated.
A separate list governing foreign investment in China's free trade zones, which are entitled to a higher degree of openness, cut restricted areas from 37 to 30.
The NDRC will work with all concerning departments to implement the new negative list, said per the Thursday report. Among the efforts in the pipeline is the tThese efforts include tracking and monitoring of the list implementation of the list to facilitate foreign-invested projects.
