China will build a strong “magnet field” for foreign investment and more detailed measures will be revealed before the end of September, according to a media briefing held by the State Council on Aug 25.
To address concerns of foreign investors, the State Council issued No. 39 document, a notice about encouraging foreign investment, including 22 measures, such as further lifting restrictions on foreign investor’s market access, Vice-Minister of Commerce Wang Shouwen said at the briefing.
The negative list for foreign investment has gone a test run in pilot free trade zones and will be carried out national wide soon, Wang said, noting the list has been simplified to 95 items.
Meanwhile, China will expand new energy auto market access with a possible lifting of the 50 percent share ceiling for foreign investors in setting up new energy auto enterprises in the country, according to Wang.
With the BRICS summit around the corner, Wang also mentioned the five member countries should increase their investment among each other when the volume accounts for only six percent of the five countries’ total outbound investment.
To expand mutual investment, BRICS countries have made an outline to facilitate investment and will put it under approval procedures at the coming summit in China’s coast city Xiamen.
Wang introduced that the outline asks for more transparent and predictable investment policies, more effective administrative examination and stronger dialogue and cooperation on foreign investment.
Wang said implementation details about the 22 measures in the No. 39 notice will be revealed before the end of September.