Foreign investors get break

China will simplify business registration procedures for foreign investors in a bid to spur overseas investment and create a more open business environment in the country, officials said on Tuesday.

The measures, which will come into effect on June 30, include the single window policy that will help streamline business registration, reduce paperwork and eliminate the need to deal with multiple departments and offices, ViceMinister of Commerce Wang Shouwen told a policy briefing hosted by the State Council Information Office.

It will also streamline the current procedure of getting clearances from the departments of commerce and market regulation for on-site registrations and help save time and costs for around 30,000 new foreign investors every year.

The new steps will also lower the threshold for foreign companies and make it easier for them to pursue opportunities in the Chinese market, the vice-minister said.

According a recent report, foreign direct investment fell 16 percent globally last year despite recovering demand and cross-border investment. Developed economies continued efforts to attract back mid and high-end manufacturing by cutting taxes, while developing economies encouraged foreign firms into their markets, leading to a fierce competition for foreign capital, Wang said.