China rolled out a number of measures to open up its free-trade zones as state leaders go on a charm offensive to woo foreign investors, reports Bloomberg. The government will trial a slew of international trade rules in qualified free-trade zones or ports, according to a document released Thursday by the State Council, China’s cabinet. “It signals to the foreign investment community that China is gradually opening the door wider,” said Frederic Neumann, chief Asia economist at HSBC Holdings Plc in Hong Kong.
Chinese leader Xi Jinping and Premier Li Qiang have in recent weeks delivered speeches on China’s commitment to opening up and pledged to protect and welcome foreign investors. The moves come as industry crackdowns and raids at foreign firms have dampened investor confidence and efforts to “de-risk” supply chains further cloud China’s prospects for future growth.
Foreign financial institutions in pilot areas will be allowed to provide similar new services to their Chinese counterparts, and companies or individuals in the regions will be allowed to buy overseas financial services, according to the new measures.
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