FILE PHOTO: An employee of the Industrial and Commercial Bank of China Ltd (ICBC) counts money at one of the bank's branches at the Shanghai Free Trade Zone in Pudong district, in Shanghai September 24, 2014. REUTERS/Carlos Barria/File Photo
BEIJING: China has removed 27 restrictions in its newly issued negative list for foreign investment in its free-trade zones, its cabinet said on Friday in a notice.
Chinese leaders have pledged to open the world’s second-largest economy wider to foreign investors but a negative list is in place for its eleven free-trade zones - which enjoy looser trade and financial regulations on a trial basis - that specifies the areas that are off limits to foreign capital.
Among the beneficiaries of the new negative list across more than 20 industries are foreign manufacturers of rail transportation equipment and civilian satellites, who would no longer be obliged to enter a joint venture with Chinese partners or let the Chinese side take the majority share.
Previously restricted sectors such as precious metals and lithium mining, as well as internet access services, credit rating services, and large-scale theme park construction are now open to foreign capital.
Rules on banking services, which in the past forbade foreign banks from underwriting Chinese government bonds, have also been eased.
China opened its first free-trade zone in Shanghai in 2013.
Since then, ten major provinces and cities such as Zhejiang and Chongqing have been approved to establish such zones. - Reuters
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