China loosens foreign investment restrictions amid tumbling trade tensions


 Arab and international

Economy News _ Baghdad

China’s Planning Commission said on Sunday it had cut the number of sectors subject to foreign investment restrictions as Beijing moved to meet its pledge to open up major industries to investment.

The loosening of restrictions, widely expected, came after the United States and China agreed earlier this week to resume trade talks with US President Donald Trump offering concessions on tariffs and easing restrictions on China’s Huawei.

The National Development and Reform Commission said it had relaxed restrictions on foreign investment in sectors including oil and gas exploration and allowed for greater openness in agriculture, mining and manufacturing.

The Commission posted on its website a new shorter list of industries in which foreign investment is restricted or prohibited.

The Committee reduced the number of sectors or sub-sectors on the negative list to 40 from 48 in the previous list published in June last year. The new list begins on July 30.

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