BEIJING, Jan. 17 (Xinhua) -- China’s State Council approved a new guideline to further attract foreign investment and advance China's opening up, Ning Jizhe, vice director of the National Development and Reform Commission (NDRC), told reporters recently.
Ning disclosed main content of the guideline, involving allowing domestic listing of foreign firms, opening more areas to foreign investment and building fair competition environment for foreign firms.
The new guideline emphasizes equal treatment for foreign investors, and no additional restriction is allowed.
-- Expanding financing channels for foreign firms
China will permit foreign firms to be listed on domestic stock exchanges to expand their financing channels.
The firms will be able to go public on the main board, the SME board, the ChiNext board and debut on the National Equities Exchange and Quotation system,.
They will also be allowed to issue corporate bonds and convertible bonds and use financing instruments of non-financial enterprises in China, he said.
The policy is part of China's efforts to level the playing field for foreign firms, he added, referring to a new guideline on further attracting foreign investment and promoting opening up.
The guideline was approved by a State Council's executive meeting chaired by Premier Li Keqiang on Wednesday.
It emphasizes equal treatment of foreign investors, prohibits additional restriction and canceled minimum registered capital requirements for foreign-funded firms.
-- Opening more sectors to foreign investment
China is opening more sectors to foreign investment along with measures to level the playing field.
Foreign investment access hurdles will be dropped in a number of manufacturing sectors, including rail transportation, motorbikes and ethanol fuels. Foreign capital will have access to energy, water conservancy, environmental protection and utilities via franchise agreements.
Catalog for industrial access for foreign investors will be amended to match the new measures. Foreign capital will be encouraged to enter high-end manufacturing industry, as well as manufacturing related services, such as industrial design and modern logistics.
Accounting and auditing, architecture design and rating services will be open to foreign investment for the first time. Foreign funded firms will be cleared to join the national science and technology program as equally as domestic firms, and enjoy favorable policies designed for the "Made in China 2025 Strategy".
-- Building fair competition environment
China has been promoting fair treatment for foreign-funded enterprises and there are seven measures in the new guideline.
The measures include reviewing all foreign investment policies drafted by national ministries and commissions and local governments to ensure fairness; reviewing foreign firms’ applications of license and qualification with fairness; applying fair standardization for foreign companies; making fair policies for foreign firms to participate government procurement auction; promoting intellectual rights protection; creating fair financial environment and conditions; and constructing fair capital registration system.
(By Yang Qi, kateqiyang @xinhua.org, Zheng Xin, Yu Jiaxin)
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