Beijing relaxes ownership rules for foreign investors in Chinese FTZs

Shanghai FTZChinese FTZs: Overseas investors are to be temporarily allowed to own a limited number of new enterprises in four of China’s four free trade zones, Beijing announced yesterday. The new resolution from the National People’s Congress Standing Committee, applies to enterprises operating in a number of sectors ranging from agriculture to transportation and including iron and steel production and gas station operations. The FTZs concerned are located in Shanghai, Guangdong, Tianjin and Fujian.
The resolution also covers a range of procedures relating to administrative approval and managerial registration.
The announcement comes days after the Chinese Premier Li Keqiang promised EU President Jean-Claude Juncker that foreign companies would soon enjoy the same treatment as their Chinese counterparts and his government would continue to reform its foreign investment management system and ease market access.

Source: chinadaily