The Chinese government has decided to ease investment rules in four free trade zones, temporarily allowing foreign investors to found wholly owned enterprises in various fields, including iron and steel production and gas station operations, according to the central government website yesterday.
The resolution on temporary adjustment of regulations for administrative approvals in the Shanghai, Guangdong, Tianjin and Fujian FTZs was passed by the National People’s Congress Standing Committee, it said.
The adjustment contains a total of 51 items, with more than 20 of them involving changes from administrative approval to managerial registration for foreign investment.
It also approved wholly foreign-owned enterprises in dozens of areas outside the negative list on foreign investment, covering sectors ranging from agriculture to transport.
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