China to ease restriction on foreign investments in service sector
Sunday, 18 November 2007
BEIJING, Nov 17 (Xinhua): Chinese government will gradually scrap restrictions on the destination, stock ownership and business scope of foreign investment in the service sector, an senior economic planner said here today.
"China will stick to the open-up policy and promote a quantity-to-quality transformation in attracting foreign investment," said Zhang Mao, Vice Minister of the National Development and Reform Commission (NDRC).
According to the vice minister, existing restrictions on foreign investment in key industries concerning China's national security and people's livelihood will remain unchanged.
"The point (of the transformation) is to absorb advanced technologies and management skills from foreign countries," he said, "and foreign investment companies are expected play a positive role in this regard."
The vice minister told a multinational CEO roundtable today that foreign investment would be encouraged to enter high-tech, equipment and new material manufacturing and logistics. The central and western hinterlands are open for foreign investment with more incentives.
"China will stick to the open-up policy and promote a quantity-to-quality transformation in attracting foreign investment," said Zhang Mao, Vice Minister of the National Development and Reform Commission (NDRC).
According to the vice minister, existing restrictions on foreign investment in key industries concerning China's national security and people's livelihood will remain unchanged.
"The point (of the transformation) is to absorb advanced technologies and management skills from foreign countries," he said, "and foreign investment companies are expected play a positive role in this regard."
The vice minister told a multinational CEO roundtable today that foreign investment would be encouraged to enter high-tech, equipment and new material manufacturing and logistics. The central and western hinterlands are open for foreign investment with more incentives.