China to further open financial, new energy vehicle sectors to foreign investment

BEIJING - China will further open industries including the financial and new energy vehicle sectors to foreign investment in the second half of this year, the country's top economic planner said Friday.

Meng Wei, spokesperson with the National Development and Reform Commission (NDRC), revealed the decision when commenting on China's business environment and recent foreign investment trend at a press conference, without giving further details.

Foreign direct investment (FDI) into the Chinese mainland rose 9.1 percent year-on-year to 62.52 billion yuan ($9.6 billion) in August, according to official data.

In the first eight months, FDI dropped 0.2 percent year-on-year to 547.94 billion yuan.

"China remains attractive to foreign investors as it continues to improve its investment environment," Meng said.

She attributed the slight FDI decrease to weak recovery in cross-border investment activities globally and China's ongoing economic transformation and upgrade.

Despite decreased FDI inflow into sectors like retailing and real estate, China's high-tech manufacturing and high-tech service industries are witnessing rapid increases in foreign investment in the first half, she said.

The Chinese leadership has promised to create "a stable, fair, transparent and predictable business environment," with a range of measures under way.

China has created 11 free trade zones where foreign firms can enjoy streamlined registration procedures. The country is shortening the list of sectors that are off-limits to foreign investors, as well as reducing market entry restrictions for industries such as transportation and financial services.

Meng said the NDRC will continue to work with other government departments to make the investment environment more open, fair and convenient.