China approved on Tuesday a series of measures to attract inward investment, including from foreign entities, Chinese state-run news agency Xinhua reported.
“China should be committed to attracting foreign investment and expertise, and improve opening-up policies,” said China’s President, Xi Jinping.
Mr Xi stressed – as quoted by Xinhua – the nation’s economy must open more widely to the outside world to fuel growth.
President Xi was addressing the 16th Meeting of the Central Leading Group for Deepening Overall Reform, which is described by official Chinese newspaper China Daily as China’s “top decision-making body in pushing forward reforms”.
The new measures approved include changes in the resident registration system to make it easier for foreigners to apply for permanent residence permits under certain conditions, Xinhua reported.
According to the official news outlet, China will also outline a “negative list” identifying sectors and businesses that are off-limits for investment. The country’s previous policy has been to state what sectors are open to investment. This has limited capital inflow, Portuguese news agency Lusa reported.
The new guidelines on inward investment also include a relaxation of border control policies to allow China’s border regions to explore new models of economic co-operation with neighbouring countries.
In addition, China will encourage state-owned enterprises to make use of private capital, the report said.
