FTZ rules eased for foreign investment
THE State Council has decided to ease regulations for enterprises investing in free trade zones to promote reform and opening up, a notice said yesterday.
According to the decisions endorsed by Premier Li Keqiang, China will allow wholly foreign-owned entertainment venues to provide services in FTZs and permit foreign investors to invest in Internet access business.
China will remove the restriction that at least 70 percent of equipment in foreign-funded urban-rail traffic projects should be made in China.
Wholly foreign-owned companies were allowed to open gas stations and to design, produce and repair aircraft with a maximum takeoff weight of 6 tons.
Investment proportion curbs on helicopters with a takeoff weight of at least 3 tons were also lifted.
Foreign investors were also allowed to be controlling shareholders in international shipping agencies.
China’s FTZs, which have grown from the first in Shanghai to 11 across the country, are a way of testing new policies, including interest rate liberalization and fewer investment curbs.