China is readying a plan to relax restrictions on foreign participation in insurance, banking, insurance, electric cars and other areas of its economy, in an effort to woo international investment.
The government will announce the plan by the end of September, Mr Wang Shouwen, a Vice Minister of Commerce, told reporters last Friday. The document will cover such details as when and how curbs will be loosened and whether changes will apply nationwide or just in limited areas such as special economic zones, according to a report in the Nikkei Asian Review.
Flows of foreign capital into China have declined, prompting Beijing to announce measures to attract investment. Central to that effort will be the upcoming market liberalisation policy.
The presence of the insurance, banking and securities industries on the proposed list has also sparked interest. There are calls for the government to raise the current foreign-ownership ceiling of 49% or 50% in securities and life insurance companies.
This was reportedly a major topic at the US-China Comprehensive Economic Dialogue in July.
President Xi Jinping said last month that moving forward with supply-side reforms, raising China's economic development level and keeping up with global technological progress require foreign capital. He directed the government to create a transparent, fair and predictable investment environment for overseas investors.