China Opens Wider To Boost Foreign Investment
China is striving to make itself more inviting to foreign direct investment (FDI) and foreign talents by widening market access and bettering business environment.
The decision is made at a State Council executive meeting presided over by Premier Li Keqiang on Friday.
The negative-list-based market access regime for foreign capital, already on trial in the country’s 11 free trade zones, will be rolled out nationwide as soon as possible, and more sectors will be more open for FDI. Profits of foreign-invested companies will be guaranteed free flow out of China.
To make China more appealing to foreign talents, the government will put in place a work permit system for foreigners working in China, with detailed guidelines for visa application and evaluation benchmarks for widened access to foreign talents to be developed in the second half of this year.
Five- to ten-year multiple entry visas will be issued to qualified expatriates in China, who can apply for work permits and work-related residential certificates accordingly. “The inflow of foreign capital has been pivotal for China to maintain a relatively quick growth rate. Our industries are in general at the lower end of the global value chain. We must send a strong message of welcome to foreign investment,” Mr Li said.