More sectors to open to foreign capital

Source: Xinhua | 2016-12-28

MORE sectors will be open to foreign investment, an important stimulus for China’s real economy, the Ministry of Commerce has said.

In 2017, a larger share of capital inflow will be directed to high-end manufacturing, a key part of the real economy, Minister of Commerce Gao Hucheng said at a national commerce work conference, which ended yesterday.

Investment access curbs will be lowered for general manufacturing as well, he added.

Foreign investment will also be tapped to develop a modern service industry, as China gradually opens its finance and telecommunication service sectors, Gao said.

Developing the real economy will be a major feature of China’s efforts to go global next year, with more investment for technical and managerial expertise.

China’s foreign direct investment, excluding investment in the financial sector, is likely to be around 785 billion yuan (US$113 billion) this year, with 70 percent of the inflow going to the service sector, official estimates showed.

To draw more foreign investment, Gao called for the success of free trade zones, which have fewer investment curbs, to be repeated.