China opens more sectors to foreign investment
China deepened its push to further open up the economy, eliminating restrictions on the manufacturing sector and expanding opportunities for foreign investment in the health sector in an effort to revive growth. The Chinese government will reduce its list of industries off-limits to foreign investors to 29 from 31 and fulfill its pledge of zero restrictions on the manufacturing sector, the National Development and Reform Commission and the Commerce Ministry said in a joint statement on Sunday. The new list, set to take effect Nov.
1, removes the requirement for Chinese majority control in publication printing businesses and lifts the ban on investment in Chinese herbal-medicine production. Since 2019, Beijing has steadily reduced its so-called negative list of more than 100 sectors to attract foreign capital. China’s Commerce Ministry on Sunday also announced plans to further open up the nation’s healthcare sector.
Foreign investors can now establish wholly foreign-owned hospitals in Beijing, Tianjin, Shanghai, Nanjing, Suzhou, Fuzhou, Guangzhou, Shenzhen and Hainan island, according to the ministry. Acquiring public hospitals and facilities involved in traditional Chinese medicine will remain off-limits. Additionally, companies with foreign investment are allowed to engage in the development and application of human stem cell, gene diagnosis and treatment technologies in pilot free-trade zones in Beijing, Shanghai, Guangdong and Hainan.
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