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Restrictions Loosened in Shanghai Trade Zone
By Wei Tian, China Daily Jul 07, 2014
Authorities in the China (Shanghai) Pilot Free Trade Zone eliminated more than a quarter of the restrictions on foreign investors on Tuesday.
The zone's original "negative list", which outlines forbidden or restricted areas for foreign investment activities, had been criticized for having too many restrictions and a lack of transparency.
"The new list features more openness and transparency and is more in line with international standards," Dai Haibo, deputy director of administration committee of the zone, said at a news conference. For example, the zone has lifted the nine restrictions on foreign investment in manufacturing, four in commercial services and two in shipping services.
In addition, authorities have also issued a guideline to support foreign investment in 31 areas covering 10 industries. Foreign investors will be allowed to develop oil exploration technology, process green tea and design luxury cruisers.
The 28-sq-km pilot zone was launched in September 2013. Its negative list now contains 139 clauses of restrictions and prohibitions. The guideline was approved by the State Council on Saturday, and will take effect immediately, Dai said.
Read Full Article on China Daily »