China's opening up to further benefit foreign investments
BEIJING -- China's policy of further opening up the market has
boosted foreign investor confidence, while overseas investments of
Chinese companies will present new opportunities, according to
international law firm Baker McKenzie.
Paul Rawlinson, global chair of Baker McKenzie, said China has shown
continuity in its policy of opening up and encouraging investments
overseas.
"It creates an environment where people see a lot of return for
investments," he told Xinhua. "As China seeks to develop a modern
economy in a new era, investors will shift their current focus on energy
and mining infrastructure to a wider agenda including high-tech,
healthcare and consumer goods."
"It has been the time when China diversified on a much wider scale now than it used to," he said.
Stanley Jia, chief representative of Baker McKenzie's Beijing office,
said China had hugely improved its manufacturing capability thanks to
its opening-up policy, and had "become one of the major manufacturing
powerhouse in the world."
Further opening-up of the market and fewer restrictions for foreign
investments in certain sectors will help China enhance its service
sector, which is "necessary for the country to become a real economic
powerhouse," according to Jia.
Jia noted that the negative list approach will significantly ease the
uncertainties of foreign investors in obtaining approvals, with more
transparent procedures and clearer regulations.
China will roll out a nationwide negative list to further open up to
foreign investment. The negative list model, which states sectors and
businesses that are off limits to foreign investment, will be adopted
nationwide as early as 2018.
On Aug 16, the State Council issued a document saying that China
would make its foreign investment environment "more law-based,
internationalized and convenient."
"The country should continue to reduce market access restrictions for foreign capital," the document said.
2017 11/06