China on Dec 31 unveiled the 2020 negative list for foreign investment access in Hainan free trade port. It will come into effect on Feb 1, 2021.
The negative list, jointly released by the National Development and Reform Commission and the Ministry of Commerce, introduces measures to promote opening-up in crucial areas, such as value-added telecommunications and education, expand commercial services, and to ease market access in the manufacturing and mining industries.
Approved by the State Council, the 27-item list is significant in promoting investment liberalization and facilitation in the Hainan free trade port. It should also accelerate the formation of internationally competitive opening-up policies and systems.
Restrictions on foreign investment access to online data processing and online transaction processing businesses will no longer apply when the list takes effect.
Overseas high-level universities and vocational colleges specializing in science and engineering, agriculture, and medicine will be allowed to run on the island independently.
Foreign ownership limits for passenger car manufacturing will be lifted. Regulations prohibiting foreign investment in the exploration, mining and ore dressing of rare earth, radioactive minerals and tungsten will no longer apply either.