BEIJING, Oct. 23 (Xinhua) -- Northwest China's Shaanxi province is implementing the management model of pre-establishment national treatment (PENT) with a negative list and lower barriers of market access for foreign investors to facilitate the foreign investment, according to the local authority.
A fair competition review procedure is required before new policy measures related to economic activities come out in Shaanxi Province, and the restrictions on market access for foreign investment must not be placed in areas beyond the negative list.
Besides, Shaanxi Province has relaxed restrictions on the establishment of foreign-funded financial institutions, allowing foreign bank branches to engage in the transactions such as agency distribution, proxy cashing and underwriting government bonds.
The province has also canceled the requirement for a two-year representative office before the establishment of a foreign-invested insurance institution, and allowed qualified foreign investors to operate insurance agency business and insurance assessment business in China.
In terms of the service industry, Shaanxi has also lowered or removed the barriers for foreign investment in the areas of transportation, trade and logistics, and encouraged cooperation and exchanges in tourism with countries and regions along the Belt and Road routes.
In addition, Shaanxi is still expanding the scope of opening up in such industries as agriculture, mining and manufacturing. (Edited by Wu Shuang, wushuang2018@xinhua.org)
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