BEIJING (Reuters) – China will eliminate all restrictions on foreign investments not included in its self-styled “negative lists”, a vice commerce minister said on Tuesday, signaling upcoming directives. FILE PHOTO: Chinese Vice Commerce Minister and Deputy China International Trade Representative Wang Shouwen attends a news conference ahead of the 70th founding anniversary of the People’s Republic of China, in Beijing, China September 29, 2019. REUTERS/Jason Lee It will also “neither explicitly nor implicitly” force foreign investors and foreign companies to transfer technologies, Wang Shouwen told a news conference in Beijing. Such transfers have been a major source of tension between China and the United States, which have been embroiled in a trade war for over a year. The ‘negative lists’ specify industries in which investors, foreign or domestic, are restricted or prohibited. “We will move faster to open up the financial industry,” said Wang, eliminating all restrictions on the scope of business for foreign banks, securities companies and fund managers. Policies will also be fine-tuned to ensure foreign and domestic players have equal market access to manufacturing new-energy vehicles, he said. The new measures are intended to ensure stable foreign investment and create a transparent, predictable investment environment, Wang said…. Read full this story
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