BEIJING – China will open more sectors to foreign investors, encouraging investment in strategic emerging industries, the Government said on Dec 29.
The National Development and Reform Commission and the Ministry of Commerce jointly issued a new guideline to encourage more foreign investment into energy-saving and environmentally-friendly technologies, new-generation information technology, biotechnology, high-end equipment manufacturing, alternative energy, advanced materials, and alternative-fuel cars.
China will cut down restrictions on foreign investment by allowing them to invest in more sectors while lifting caps on the proportion of foreign capital in some sectors, according to the new guideline which will take effect from Jan 30.
Meanwhile, the Government will continue to welcome foreign investors to high-end manufacturing and modern service industries. It also encourages them to invest in recycling industries.
However, the Government will withdraw support for foreign capital in auto manufacturing because of the need of the healthy development of domestic auto making.
It will not support foreign investment in the sectors of polycrystalline silicon and coal chemical due to concerns of industrial overcapacity and repeated construction.
In view of regional development gaps, the Government will roll out a fine-tuned policy for the central and western regions of the country in the future.
In the first 11 months of this year, China attracted US$103.77 billion of foreign direct investment, up 13.15 percent from a year earlier. During the same period, the Government approved the establishment of 25,086 foreign-invested companies, up 3.23 percent year on year.
SOURCE: China Daily
