China plans to lift some restrictions on foreign investment in the country, in sectors such as e-commerce, batteries, rail freight and chemicals, Financial Times reported.
The proposed new rules will reduce from 79 to 35 the number of sectors in which foreign firms are required to form joint ventures with domestic businesses or are limited to minority stakes, the report said.
The move comes as Beijing tries to expand its own investment abroad. By lifting some curbs at home, the government hopes to reduce the chances of investment barriers in markets such as US and Europe.
But a separate Chinese government list of industries in which foreign investment is completely banned will be expanded to include new categories of genetically modified products, tobacco sales, geological and mapping services, auction houses and antique shops, the report said.
The National Development and Reform Commission, China’s top economic planning agency, is said to have put up the proposed changes for public consultation.
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