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China plans to ease foreign investment restrictions by 2019
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[rtl]Tang Wenghong, head of the Department of Foreign Investment Department of the Ministry of Commerce, said his country plans to take new measures, allowing foreign investors more freely to enter domestic markets next year 2019, expecting Beijing to reduce the negative list of foreign investment in 2019.[/rtl]
[rtl]Tang said in a statement to the official Chinese news agency Xinhua that the ministry will continue to push up the market entry restrictions on foreign investment in sectors not listed on the negative list, with the aim of creating a fair environment for Chinese enterprises and foreign enterprises Both.[/rtl]
[rtl]"As part of the efforts to promote openness, China unveiled a short-term negative list of foreign investment in June, cutting its listing to 48 rather than 63, as well as removing market access restrictions in many sectors" .[/rtl]
[rtl]In the same vein, Xinhua reported that a unified draft law on foreign investment was submitted to the biennial session of the Standing Committee of the National People's Congress (NPC), which started on Sunday.[/rtl]
[rtl]Once the unified law is adopted, the law will replace three existing laws, namely, laws on Sino-foreign joint-stock enterprises, joint non-contributory enterprises (joint ventures) and wholly foreign-owned enterprises.[/rtl]
[rtl]Current laws could barely catch up with the changing global economy as China struggles to build new institutions and open its economy, analysts said, noting that the new law will ensure China's opening up in the next phase and ensure more effective use of foreign investment.[/rtl]
[rtl]Justice Minister Fu Zhenghua said the foreign investment law is on the agenda of the Standing Committee of the National People's Congress (NPC).[/rtl]
[rtl]The bill emphasizes China's commitment to its core national opening-up policy, welcomes foreign investment, adopts regulations to facilitate and improve foreign investment, and creates a stable and transparent environment that is predictable.[/rtl]
[rtl]According to data from the Ministry of Commerce, the value of foreign direct investment in the country during the first seven months of 2018 increased by 5.5% compared to the same period last year, to reach 76 billion dollars.[/rtl]
[rtl]http://economy-news.net/content.php?id=14863
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