MILAN, Mar 21 (Class Editori) — Beijing has announced a new set of measures aimed at increasing the appeal and effectiveness of foreign investment, as part of the country’s efforts to harness and share its huge market potential.
According to the Chinese news agency Xinhua, the action plan was unveiled Tuesday by the State Council. It includes 24 specific pro-foreign investment measures aimed at expanding market access, increasing appeal to foreign investment, creating a level playing field, facilitating the flow of innovation factors, and better aligning domestic rules with high-standard international economic and trade rules.
As outlined in Beijing’s action plan, the country will shorten its “blacklist” of sectors where foreign investment is prohibited and launch pilot programs to reduce foreign entry thresholds in scientific and technological innovation. China will also expand access for foreign financial institutions to the banking and insurance sectors and increase the scope of their participation in the domestic bond market.
Last year, the State Council implemented a series of measures to improve the investment environment for foreign companies. A recent evaluation of the measures revealed that more than 60% of the policies had been implemented or made significant progress, with more than 90% of the surveyed foreign companies providing positive feedback.
The new policy package to attract foreign investment was launched after foreign direct investment in yuan in the Chinese mainland fell by 8% year-on-year. Wu Hao, Secretary General of the National Development and Reform Commission (NDRC), stated that fluctuations in cross-border investment are normal, emphasizing that China still has significant advantages and a wide range of options for attracting foreign investment. “China represents an immensely vast market with unparalleled growth potential globally, poised to continue driving substantial demand in advanced manufacturing, new urbanization, and the upgrading of consumption,” Wu commented.
At the moment, however, there are no specific details available regarding how the improvements in investment treatment outlined by Beijing will directly impact businesses. (All rights reserved)
(Source:Class Editori)
Notice: No person, organization and/or company shall disseminate or broadcast the above article on Xinhua Silk Road website without prior permission by Xinhua Silk Road.
A single purchase
