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CHINA / National |
China issues new guide for foreign investment(Xinhua)
Updated: 2007-11-08 10:03 BEIJING - China's government on Wednesday released a new guide of industries open to foreign investment and foreign companies that are banned or restricted from entering the Chinese market. The new guide, promulgated against the backdrop of economic transformation from quantity to quality, will replace the 2004 version and take effect from December 1, said the National Development and Reform Center (NDRC), or the top economic planner. The 28-page guide, stating China's position of "upholding the opening-up policy and safeguarding national economic security", has just been approved by the State Council. Foreign companies are restricted from entering "strategic and sensitive" industries relating to the national economic security, but the NDRC did not specify these industries or the restrictions. The manufacturing sector is open to foreign investment in high technology, equipment manufacturing and new materials industries, but foreign investment in traditional manufacturing industries in which China already had "mature technologies and relatively strong production capacity" is not encouraged. Foreign investors are encouraged to help develop service outsourcing and modern logistics. They are also invited to join efforts to promote the recycling economy, clean production, renewable energy utilization and ecological environment protection. However, with a view to saving energy and resources, China is to prohibit foreign investors from exploiting "important and non-renewable" mineral resources, and to restrict energy-consuming and highly-polluting projects, said the NDRC. The government will also curb the expansion of export-oriented industries to reduce ballooning trade surplus, which has stirred protectionist sentiment among major trade partners. |
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