China eases on foreign investment, a reduced business-ban list

Updated: 02 Jul 2018
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China on Thursday unveiled a shortened negative list for foreign investment, with the number of items down to 48 from 63 in the previous version.
The new list widens market access for foreign investment in primary, secondary as well as tertiary sectors, detailing 22 opening-up measures in fields including finance, transportation, professional services, infrastructure, energy, resources, and agriculture.
Main new opening-up measures include:
In the financial sector, the foreign-capital cap in the banking sector was lifted, and the foreign-capital limit of securities companies, fund management companies, futures companies, and life insurance companies were relaxed to 51 percent. All foreign capital restrictions in the financial sector will be removed by 2021.
In infrastructure, the railway trunk line network and grid foreign investment restrictions will be removed.
The restrictions on foreign investment in railway passenger transportation companies, international maritime transport and international shipping agencies will be eliminated.
The restrictions on foreign investment in gas stations, grain purchases and wholesales will also be eliminated.
As of 2018, foreign investors will no longer be restricted from holding a controlling stake in new energy vehicle manufacturers. Such relaxations in policy will also apply to commercial vehicle producers in 2020 and to passenger car makers in 2022.
In cultural sector, the restrictions on foreign investment in business places for Internet access services will be eliminated.
The list also removes curbs on foreign investment in electricity infrastructure, auto, aircraft and ship-building industries.
Jointly released by the National Development and Reform Commission (NDRC) and the Ministry of Commerce, the new negative list will become effective on July 28, 2018.
The list, with the official name "Special Administrative Measures on Access to Foreign Investment (Negative List) (2018 Version)," will substitute a catalogue for guiding foreign investment revised in 2017.

SOURCE: Xinhua
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