China has vowed to cut red tape and ease rules for overseas investors in a bid to boost the economy and counter a decline in private investment.
At an executive meeting of the State Council, China’s cabinet, over the weekend Beijing said it would encourage investment in the medical care, education, sports and culture sectors and grant provincial governments more authority to approve projects not explicitly forbidden, according to the official Xinhua News Agency.
These include projects related to container terminals, vehicle engines, urban transportation and inland waterways, it added.
“We hope that China will remain an attractive destination for foreign investment,” said Premier Li Keqiang, according to Xinhua. “We need foreign investment for economic growth.”
Some 95% of investment registration procedures will be cut under the new process, the Chinese government said.
Read more at the Wall Street Journal.