China to Step up Opening in Central and Western RegionsChina will step up opening of the service and trade sectors and a restructuring of economy and industrial production in its central and western regions prior to the country's WTO entry. The opening will be launched on a greater scale and more foreign investment will be allured and used according to Deng Zhan, deputy head of Foreign Investment Department of the Ministry of Foreign Trade and Economic Cooperation (MOFTEC) addressing a forum in Guangzhou, June 19.Following the opening of central and western regions, foreign investors will be provided with more market and trade opportunities in China. More favorable policy treatment will be offered in taxation, greater share-holding proportions enjoyed by foreign investors, and more foreign investment will be used in contributing to infrastructure construction in central and western China. Authoritative sources say that China's opening will be on an enlarged-ever scale in its central and western regions. According to "Advanced Industries Catalogue for Foreign Investment" by MOFTEC and two other state authoritative departments, a full opening, restructuring and optimization of such industrial/service sectors as banking, insurance, telecom, foreign trade, domestic trade and tourism in central and western China is expected, said Deng. Deng also pointed out that the industries in western China recommended by the Chinese government, including infrastructure facilities, mine resources, tourism resources development, and the like, will certainly provide foreign investors with many investment and trading opportunities. Foreign investors especially multinationals are encouraged to invest in capital- and technology-intensive projects and be rewarded by bountiful returns from their investment in advanced hi-tech undertakings to be launched in central and western China. By PD Online Staff Huang Ying |
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