Foreign firms gain paths to set up

China will relax the investment threshold in existing pilot free trade zones for foreign companies in areas such as international shipping, aircraft design and repair, entertainment, urban rail projects and renminbi businesses, according to a State Council notice released on Tuesday.

The notice, signed by Premier Li Keqiang, altered 11 administrative regulations, two State Council documents and another two governed by its departments. The document is effective in China’s 11 pilot free-trade zones, such as the ones in Shanghai and Tianjin.

The requirement for foreign banks to apply for renminbi businesses after one year of operation was also suspended, the notice said.

The requirement of 70 percent domestic equipment was lifted for foreigninvested urban rail projects, meaning investors can buy equipment made in China or from abroad at their choice.

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