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China to boost foreign investment

Xinhua | Updated: 2016-12-30 10:50

BEIJING - China is opening more sectors to foreign investment along with measures to level the playing field.

The State Council's executive meeting on Wednesday chaired by Premier Li Keqiang approved a new guideline to further attract foreign investment and advance China's opening up.

"We should take measures with great effectiveness in attracting foreign capital," Li stressed.

According to the new guideline, foreign investment access hurdles will be dropped in a number of manufacturing sectors, including rail transportation, motorbikes, ethanol fuels. Foreign capital will have access to energy, water conservancy, environmental protection and utilities via franchise agreements.

Catalog for industrial access for foreign investors will be amended to match the new measures. Foreign capital will be encouraged to enter high-end manufacturing industry, as well as manufacturing related services, such as industrial design and modern logistics.

"China's economy develops as we continue our opening-up strategy. Besides advanced technology and experience in management, China also need capital investment from overseas," Li said.

Accounting and auditing, architecture design and rating services will be open to foreign investment for the first time. Foreign funded firms will be cleared to join the national science and technology program as equally as domestic firms, and enjoy favorable policies designed for the "Made in China 2025 Strategy".

The new guideline emphasizes equal treatment for foreign investors, and no additional restriction is allowed.

Li emphasized that government at all levels should further streamline administration to reinforce the implementation of existing policies in attracting foreign investment and reduce institutional cost.

The new guideline highlights consistency in policies designed to attract foreign investment. Better protection of IPR for foreign investors is also covered.

The government will work to provide more convenience to help foreign investors and experts live and work in the country. In central and western part of China, foreign investment in the "encouraged category" will enjoy financing, land and taxation incentives.

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