China's flexibility on foreign investments welcomed

08:55, April 15, 2010      

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A U.S. business group on Wednesday said it welcomed China's plans to ease restrictions on foreign investment, in a sign that tensions over currency have not blocked progress on all other trade issues.

"This is a positive step forward toward liberalizing China's inbound investment policies," Myron Brilliant, senior vice president for international affairs, at the U.S. Chamber of Commerce, said in a statement.

China's plan would raise the foreign investment threshold from US$100 million to US$300 million and increase transparency for investment approvals, the group said.

"The new threshold will promote investment from abroad and foster a more open environment," Brilliant added.

Meanwhile, U.S. Trade Representative Ron Kirk said the United States was concerned about rules that block U.S. credit-card companies from processing electronic payments in China.

"We want to make sure our credit-card companies are not disadvantaged," Kirk told reporters.

Currently, only China Union Pay is permitted to process domestic electronic payments in China.

The issue is expected to be on the agenda for the Strategic and Economic Dialogue meeting in Beijing in late May.

People's Daily Online /Agencies


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