On September 28, Li Pumin, Secretary General of National Development and Reform Commission, said that it is an important strategy for China to carry out the basic national policy for opening-up by expanding the utilization of foreign investment, and therefore China will continuously improve the business environment for foreign investment.

 

Li said that, the state government will make greater efforts to make reform of the examination and approval systems and loosen the restrictions on permission for foreign investment. So far, 586 administrative examination and approval procedures have been cancelled or delegated, and all the non-administrative licensing approval procedures have been cancelled. The foreign investment mode featuring combination of general registration and limited check and approval has been adopted to take the place of the original mode with comprehensive check and approval. The revised Catalog for the Guidance of Foreign Investment Industries was issued, with restrictive items reduced by 50% and items with requirements for proportion of shares reduced by 40%.

 

Source: www.comnews.cn, September 30, 2015