China will relax the investment threshold in existing pilot free trade zones for foreign companies in areas such as international shipping, aircraft design and repair, entertainment, urban rail projects and renminbi businesses, according to a notice of the central government signed by Premier Li Keqiang, thereby updating 15 administrative regulations. The document is effective in China’s 11 pilot free-trade zones, such as the ones in Shanghai and Tianjin.

The requirement for foreign banks to apply for renminbi businesses after one year of operation was also suspended. The requirement of 70% domestic equipment was lifted for foreign-invested urban rail projects, meaning investors freely chose equipment made in China or from abroad. Foreign investors will be allowed to establish wholly-owned companies to design, manufacture and repair civil aircraft of 6 metric tons, or less than nine seats. The investment ratio will be canceled for the design and manufacturing of helicopters of 3 tons and above.

Foreign businesses will also be allowed to set up wholly-owned ventures to operate international shipping, goods unloading and container stations. They also can hold 51% of shares in international ship broker businesses in the forms of joint ventures and cooperation. Foreign investors will be allowed to establish entertainment venues and provide services in free-trade zones, while foreign investors and those from Taiwan can set up performance agencies to provide services in the provinces and municipalities in which free-trade zones are located, the China Daily reports.

Fosun Tourism and Culture Group, a joint venture between Thomas Cook Group and Shanghai’s Fosun International, will soon begin outbound tourism business for Chinese tourists in the Shanghai free trade zone after a relaxation of the regulations on foreign investment in the tourism sector in FTZs. As of October 2017, nearly 18,000 firms were registered in the Shanghai FTZ.