More reforms to improve investment environment
The State Council released a guideline on further improving the utilization of foreign investment on Nov 7. It put forward 20 measures in 4 aspects to safeguard a fairer, more transparent and predictable business environment for foreign-invested enterprises.
The document proclaimed to lift all restrictions on the business scope for foreign banks, securities firms and fund management companies, providing equal treatment to domestic and foreign automakers over their market access in the sector of new energy vehicles.
The guideline also made it clear to deepen reforms to facilitate investment, including to lower the cost of cross-border capital use and make it easier for foreigners to work in China. Foreign businesses will be encouraged to use their capital for equity investment in China.