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Policies Released to Attract Foreign Investment in Development of West
Foreign companies are encouraged to invest in infrastructure construction and development of natural resources in China's western region, said a senior Chinese official Saturday in Chengdu.
And they are allowed to invest in banking and retail commerce in capitals of provinces and autonomous regions in western China.
This was released by Vice-Minister Wang Chunzheng of the State Development Planning Commission at a press conference of the ongoing Western Forum of China.
According to the main points of the Chinese government's policies for supporting the development of the west released by the vice-minister, other fields open to foreign investment include telecommunication, insurance, tourism, and joint-venture lawyer offices, accountant offices, engineering design offices, railway and highway transportation companies and municipal works.
He said foreign-funded banks are gradually allowed to handle RMB business and to invest in telecommunications, insurance and tourism, according to certain regulations.
Domestic companies are encouraged to attract foreign investment through various means, including transfer of shares.
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