China has pledged to unveil a timetable for the opening of several sectors — including banking, securities and insurance — among other favorable policies to entice foreign investors, as direct investment into the country has continued to fall in recent months.
The State Council, China’s cabinet, said in a statement Wednesday that it will eventually clarify the timetable as well as a road map to broaden overseas investors’ access to the financial sectors and nine other industries — including new-energy car manufacturing, ship designing, passenger rail transportation, gas-station operation, and internet cafes — but did not specify a date.
Foreign investment in most of those industries is currently restricted, typically with the requirements that a joint venture be set up with a Chinese partner and that the local player should take the controlling stake of the partnership. Internet cafes, however, are off limits to foreign investors, according to the 2017 version of the “Foreign Investment Industrial Guidance Catalogue.”
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