What State Council says about guideline for provinces and ministries to better use foreign investment

Guideline on use of foreign investment

The State Council has issued a guideline for provinces and ministries to better use foreign investment.

They should support the entry of foreign investors into newly opened areas of the economy, further shorten negative lists for foreign businesses, and revoke restrictions that are outside the lists, according to the guideline issued on Nov 7.

They should lift restrictions on the business scope of foreign financial institutions - including banks and securities companies - operating in China.

They should also revoke the 51 percent cap of foreign ownership in securities companies, securities investment fund management companies, futures companies and life insurance companies by next year, among other measures to accelerate the opening-up of the financial sector.

The authorities should improve policies for foreign capital in the automobile industry by granting new energy vehicles made by foreign companies the same market access as those made by domestic companies, the guideline said, and create a fair business environment.

The guideline also called for greater efforts to promote investment. The authorities should encourage more foreign investment in new and high-tech industries, and improve the construction of pilot free trade zones, it said.

It also urged the protection of the lawful interests of foreign investors.

The authorities should implement the Foreign Investment Law comprehensively, strengthen reviews of the legitimacy of foreign investment regulations, and improve the protection of intellectual property rights, the guideline said.

State Council welcomes free trade breakthrough

The State Council said China will work with all related parties to finish talks on a regional free trade agreement as soon as possible, and encouraged Chinese companies to grasp the opportunity brought by the agreement to take part in international competition and cooperation.

After seven years of work, 15 countries announced during the leaders' meetings on East Asia cooperation held in Bangkok earlier this month that they had concluded most of the talks on the Regional Comprehensive Economic Partnership.

RCEP will be the free trade bloc covering the largest population, with the most development potential, the State Council said at an executive meeting held on Nov 6.

The conclusion of most of the talks was a major breakthrough for the bloc's construction and offered powerful support to the world's multilateral trade system, the State Council said.

It said it will work for China to sign high-standard free trade agreements with more countries, and enhance the construction of an open economy, so that China and all other parties will enjoy shared growth.

Digital data gathering to be part of 2020 census

China will begin its seventh census next year, the State Council said on Nov 8.

The authorities should conduct the census according to law and make sure the statistics they gather are authentic, the State Council said in a notice.

The census will be carried out digitally, and the authorities will try to gather the information through the use of smartphones.

The authorities should better protect the personal information of citizens, and all organizations and people working for the census must not reveal or sell the information to any other institutions or individuals, the State Council said.