Beijing/IBNS: China is set to open its manufacturing sector completely to foreign investment and is expanding opportunities for foreign capital in its healthcare sector, as part of efforts to stimulate its economy, reports Bloomberg.
Starting November 1, Beijing will lift the remaining restrictions on overseas investments in manufacturing and reduce the list of sectors limited to foreign investors, according to a statement from the National Development and Reform Commission (NDRC) released on Sunday (Sept 8).
The government has committed to enhancing and expanding the service industry and will promote increased foreign investment in this area, the NDRC noted.
Authorities are also considering policy changes aimed at attracting more foreign investment into the services sector, as per reports.
In addition, China has introduced new policies to further open its healthcare sector.
Foreign capital will now be allowed to participate in the development and use of technologies such as stem cells, gene diagnosis, and treatments within pilot free trade zones in Beijing, Shanghai, Guangdong, and Hainan, Bloomberg reported, citing a statement posted on the website of the Ministry of Commerce.
Products that have been registered, marketed, and approved can then be distributed nationwide, according to reports.
The government will also permit the establishment of wholly foreign-owned hospitals in cities including Beijing, Tianjin, Shanghai, Nanjing, Suzhou, Fuzhou, Guangzhou, Shenzhen, and Hainan island, as per the statement.
However, the acquisition of public hospitals and facilities practicing traditional Chinese medicine remains prohibited.
These new policies are effective immediately, Bloomberg reported.
