China plans to grant more access to foreign investors in a number of sectors and eliminate joint-venture requirements, including in agriculture, mining, manufacturing, telecommunications, education and medical care, Meng Wei, Spokeswoman of the National Development and Reform Commission (NDRC) said. “The NDRC is working with a number of departments to clear up the restrictions on foreign investment that are not on the negative list. We will make sure that domestic and foreign standards for market access are consistent,” Meng said. Earlier in December, the NDRC published a new negative list that specified industries where investors are restricted from participation. Of the 151 sectors on the list, only four are prohibited and the rest require government approval.

Data from the Ministry of Commerce (MOFCOM) show foreign investment in high-tech manufacturing has maintained relatively rapid growth. In 2018, foreign direct investment (FDI) in the manufacturing sector grew 20.1% year-on-year, with investment in high-tech manufacturing rising 35.1% year-on-year. The removal of restrictions on foreign investment is expected to be introduced not only in more developed eastern regions such as Shanghai, but also in less developed regions. The government hopes to attract more foreign capital to help Northeast China find a new growth momentum. The artificial intelligence (AI), new materials and high-tech manufacturing sectors will particularly welcome foreign investors. Shenyang, capital of Liaoning province, will establish a government-backed fund and guide more money to support enterprises in the Sino-German Intelligent Equipment Manufacturing Park, the China Daily reports.