China to halve number of sectors closed to foreign investment

BEIJING – The Deputy Director-General of China’s the Department of Foreign Capital and Overseas Investment under the National Development and Reform Commission (NDRC), Wang Dong, says new guidelines submitted to the State Council will cut more than half the number of sectors currently restricted to foreign investors.

The new draft, which would decrease the number of restricted sectors from 79 to 35, is posted on the NDRC website and is expected to be implemented by the end of this year.

NDRC official lists of sectors that will have reduced restrictions to foreign investment include steel, refining, coal chemical equipment, lifting appliances, branch railway lines, international ocean shipping, finance companies, ethylene, papermaking, automotive electronics, electric transmission and transformation equipment, subways, e-commerce and chain stores. www.webershandwick.cn (ATI).