BEIJING, Oct. 8 (Xinhua) -- The Chinese government will further streamline approval procedures for foreign investment across the country to better attract overseas investment and improve China's business environment.
A new legislative guideline was approved during the State Council's executive meeting on Saturday, chaired by Premier Li Keqiang.
"Meanwhile, our country also needs advanced technology and ideas to press ahead with development," Li once pointed out.
"This is part of the government's crucial efforts in streamlining administration and delegating powers, as well as improving our business environment," he said.
The new guideline is a revision and expansion of the present administrative measures for foreign investment in China's four Free Trade Zones (FTZ) in Shanghai, Guangdong, Tianjin and Fujian, turning the three-year piloting measures into a legislative guideline.
According to the new guideline, those willing to invest in China no longer have to go through approval procedures if they invest in non-restricted sectors outlined by the Catalog of Industries for Foreign Investment which was approved last year, and do not contradict with the special requirements regarding equity rights and level of management.
The new guideline aims to help foreign investors to reduce concern about discriminatory industrial policies in China and calls for more effective government services for foreign investment.
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