Forex – China has deepened its efforts to further open up the economy by lifting restrictions on manufacturing and expanding foreign investment opportunities in healthcare in a bid to revive growth.
The Chinese government will reduce the list of branches closed to foreign investors from 31 to 29 and fulfill its commitment to zero restrictions on manufacturing, the National Development and Reform Commission and the Ministry of Commerce said in a joint statement on Sunday.
The new list, which will come into effect on November 1, lifts the rule of Chinese majority control in publishing enterprises and the ban on investment in Chinese herbal medicine production.
Since 2019, Beijing has steadily reduced its so-called negative list of more than 100 branches to attract foreign capital.
China’s Ministry of Commerce also announced Sunday that the country plans to further open up its healthcare sector.
According to the ministry, foreign investors can now visit Beijing, Tianjin, Shanghai, Nanjing, Suzhou, Fuzhou, Guangzhou, Shenzhenand will be able to establish entirely foreign-funded hospitals on Hainan Island. The acquisition of public hospitals and facilities related to classical Chinese medicine will continue to be prohibited.
In addition, foreign-funded companies are allowed to participate in the development and application of human stem cell, genetic diagnosis and treatment technologies in pilot free trade zones in Beijing, Shanghai, Guangdong and Hainan. All medical products registered and approved by the authorities can be offered for sale nationwide.
