A series of favorable policies expected to be introduced are attracting more foreign enterprises, especially high-end manufacturing ones, to expand investment in China, Economic Information Daily reported on Dec. 1.

China plans to reduce restrictions on foreign direct investment in special purpose vehicles and new-energy vehicles in pilot free trade zones and in the financial field, such as fund management, future goods, and insurance industries, ahead of June next year, said Chinese Vice Finance Minister Zhu Guangyao.

Jiang Chenghua, an official at the Ministry of Commerce, also disclosed that China is now accelerating enactment of its new foreign investment law.

The favorable policies boost the confidence of the foreign enterprises. Taking Guangdong Province as an example, the southern Chinese province has attracted many foreign-funded projects of high-end European and American companies since last year, including Qualcomm Inc, Intel Corporation, General Electric, and the U.S. technology multinational Cisco.

More recently, the world’s top 500 enterprises and industry leading enterprises such as Wal-Mart, Simens, BASF Corporation, and ALBA Group have all invested or demonstrated their investment intent in Guangdong.

“China, as one of the largest market in the world, boasts huge development potential. We are confident about its sustainable development and prospect,” said Elaine Chang, CEO of Amazon China.

Chang added that the policies indicate the Chinese government’s open and positive attitude toward foreign direct investment, and will effectively improve China’s business environment for foreign enterprises.