The National Development and Reform Commission, China’s top economic planning body, has published a list of industrial sectors to receive lifts on foreign investment restrictions, in a long-awaited move lobbied for by Western trade executives during recent visits to Beijing.
Among the sectors are commercial banks, shipbuilding, airplane manufacturing and power grids. The list also included previously-stated commitments to opening up the financial services and auto industries in the next few years, reports the Financial Times.
The announcement makes good on the government’s recent rhetoric regarding greater market reform and liberalisation and coincides with the White House’s decision this week not to pursue strict restrictions on Chinese investment in US firms.
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