MNI POLICY: China to Open More Areas to Foreign Investment

     BEIJING (MNI) - Officials at the National Development and Reform Commission

(NDRC), China's top planner, said the government will boost investment and spur

domestic consumption to ensure growth. Here are the key takeaways from a presser

on Wednesday:

     - China will further open agriculture, mining, manufacturing and service

sectors to foreign investment, and allow foreign ownerships in more areas. China

plans to shorten its foreign investment negative list of areas restricting

foreign investors.

     - China will soon introduce the third batch of major foreign investment

projects. Foreign investors will enjoy more resource supports as well as quicker

approval processes in new energy, advanced manufacturing, petrochemical and

electronic information.

     - China will strictly prevent piling up new debt when allowing local

government investment. China will pursue "accurate" investment projects that

draw participation of private capital and won't allow wasteful projects that do

not end up being completed. 

     - China will spur consumption by promoting replacing older cars and home

appliances, continue with favorable new-energy vehicle policies and the

commercialization of 5G technology.

     - China will deepen its Belt & Road initiative, increase connection with

OBOR countries through policies, infrastructure, trade and capital. China will

further implement cooperation with Saudi Arabia, including deals signed with the

Saudi crown prince last month worth almost USD40 billion, some of which are

already completed.  

--MNI Beijing Bureau; +86 10 8532 5998; email: william.bi@mni-news.com

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