(Bloomberg) — China formalized the easing of foreign investment restrictions with a variety of industries from banking to agriculture, against the backdrop of the escalating trade dispute while using the U.S.
China’s National Development and Reform Commission on Thursday published a current sort of its so-called negative list, which outlines industries where foreign investment is bound or banned. Among the many changes, most of which are actually previously announced, caps on foreign ownership of banks will likely be removed, ownership limits on brokerages and insurance agencies will probably be lifted in 2021, plus in 2022 for passenger car manufacturing.
The U.S. government has repeatedly criticized the issue of openness in China’s economy, and relations between the two nations are deteriorating, with both threatening to boost tariffs from early July and impose other restrictions. On Thursday, China issued a stout defense of that trade and business practices, responding to the persistent accusations within the White House not wearing running shoes steals American technology and shuts foreigners out of its economy.
“China is a huge strong advocate absolutely free trade,” in line with a white paper entitled ‘China and the World Trade Organization,’ issued by the state of hawaii Council Information Office. “China has comprehensively fulfilled its commitment to the WTO, substantially opened its sell to the world, and delivered mutually beneficial and win-win outcomes on the wider scale.”
China wants to extend foreign access to its market, both with such investment changes and also cutting tariffs for many different goods. The statement declared that the volume of sectors restricted for foreign investors is reduced to 48 from 63 in 2019, and is effective from July 28.