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Friday, June 29, 2018, 10:13
China unveils shortened negative list for foreign investment
By Xinhua
Friday, June 29, 2018, 10:13 By Xinhua

This photo taken on May 15, 2016 shows a green energy base which provides both wind and solar power in Yiyang County, central China's Henan province. China on June 28, 2018 unveiled a shortened negative list for foreign investment, with the number of items down to 48 from 63 in the previous version. (PHOTO / XINHUA)

BEIJING - 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 round of opening-up will provide new impetus for attracting more foreign investment, promoting market competition and raising innovation capability

National Development and Reform Commission

Jointly released by the National Development and Reform Commission (NDRC) and the Ministry of Commerce, the new negative list will take effect on July 28, 2018.

The list, officially called "Special Administrative Measures on Access to Foreign Investment (Negative List) (2018 Version)," will substitute a catalogue for guiding foreign investment revised in 2017.

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.

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The number of items subject to special administrative measures on the new negative list was cut from 63 to 48, further reducing the scope of foreign investment approval, the NDRC said.

The new list also detailed a timetable for opening-up in the automobile and finance sectors, the commission said.

China marks the 40th anniversary of its reform and opening-up policy this year.

Making public the new negative list is an important move to implement the central authorities' arrangement for the opening-up strategy, relax market access to a great extent, and push forward high-level opening up, the NDRC said.

"The new round of opening-up will provide new impetus for attracting more foreign investment, promoting market competition and raising innovation capability," the commission said.

It will also push ahead high-quality development and deep-level reforms, make new ground in pursuing opening-up on all fronts, and give strong support to the development of economic globalization.

In recent years, China has reduced the number of restricted measures on foreign investment by nearly two-thirds, and also significantly reformed the approval system for foreign investment.

Under the negative list-based approach, fields not subject to the negative list are now administered by "filing for record" management.

"China's economic development is a process of actively integrating with economic globalization and constantly expanding its opening up," the NDRC said, adding that with better industrial, policy and legal environments, China has the foundation for opening up at a higher level.

The new opening-up measures will further deepen investment cooperation between China and other countries and regions, and facilitate more extensive capital, technology, management and personnel exchanges.

"In response to the trend of the times, China's active opening-up move is conducive to not only itself but also the whole world," the NDRC said.

The country hopes to work with other countries to create a more favorable environment for promoting economic globalization, according to the commission.  

China to cut arbitrary requirements for govt-related applications

The Chinese central authority has issued a document that set a timetable to remove a number of requirements for government-related applications - an effort to cut red tape and promote service-oriented governance.

Efforts are needed to clean up the application process required for individuals and businesses when accessing government services, according to the circular issued by the General Office of the State Council.

Documents or certificates that are not required by laws or regulations will be cancelled by the end of 2018, according to the circular.

The Ministry of Justice has been ordered to strengthen inspection on cleaning up the application process and ensuring the work is completed on schedule, according to the circular.

After reviewing the current procedures, an updated list of required documents and certificates will be published.  

READ MORE: China reaffirms openness to foreign investment

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