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China to Open Western Region Wider to Foreign Investors
China will open more sectors in the western region to foreign investors and loosen restrictions on share holding by foreign business people, a Chinese official said Saturday in Chengdu.
Wang Chunzheng, vice-minister of the State Development Planning Commission, and deputy director of the Western Development office of the State Council, made the remarks at the ongoing Western Forum of China in Chengdu, capital of southwest China's Sichuan Province.
Wang told more than 100 presidents and vice-presidents of world renowned enterprises that China is studies how to open the vast west region wider to overseas investors in such sectors as banking, commerce, foreign trade, telecommunications, insurance, tourism, accounting, lawyer services, engineering design, transportation and city services and trade.
He said that the state is also considering to introduce foreign funds into the foreign trade enterprises in capitals of provinces, municipalities and autonomous regions in western China.
At present, China only allows foreign investors to run retail sales businesses in these capital cities, and allows foreign banks to set up representative offices in the region.
Wang noted, the state has loosened restrictions on share holding by foreign investors in some key projects in the region. For example, he added, foreign investors are eligible to participate in and even control major shares of the west-east gas transmission project.
He said that China will explore more ways to lure foreign funds including the BOT (build, operate and transfer) and the establishment of Sino-foreign plant funds and venture capital funds.
He added, China is also considering to introduce a preferential policy on taxation for foreign-funded enterprises in western region, in a certain period of time.
China will continue to implement more policies encouraging foreign investment in western region and improving local investment environment, he said.
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