China plans to further open up its markets to foreign investment, removing restrictions on outside capital in dozens of industries, including electric vehicle batteries, passenger transport and automotive electronics.
The National Development and Reform Commission published a revised draft of “Catalogue of Industries for Guiding Foreign Investment”, a directory initially released in 1995 defining what industries foreign investment could participate in China.
The revisions follows an amendment last year. The latest proposal calls for reducing restriction items to 62 in total, from 93 previously.
“China is now in a new round of reform and opening-up, and the policy adjustment reflects China’s advancement in attracting foreign investment,” said Zhang Jianping, director of the Center for Regional Economic Cooperation of the Research Institute of the Ministry of Commerce.
It will remove foreign investment curbs in industries including road passenger transport, credit investigation and rating services, rail transportation equipment, automotive electronics and new energy automotive batteries, edible oil, fuel ethanol, unconventional oil and gas, precious metals, lithium ore and others.
At the same time, China will not distinguish foreign and domestic capital in some industries, such as large-scale theme park construction, coal-fired condensing steam power station, ivory carving, tiger bone processing, military, police, political and party schools and other special education sectors.
The National Development and Reform Commission is gathering public opinions before finalizing the revisions.