All those restrictions that were not included in its self-styled "negative lists" on foreign investments would be lifted by China, said the vice-commerce minister of the country. Beijing will also "neither explicitly nor implicitly" force transfer of technology to domestic companies by foreign investors and companies.
The possible upcoming directives were signaled in a statement to a news conference in Beijing by Wang Shouwen.
The forced transfer of technology from American companies to domestic Chines firms in the name of mandatory joint ventures was one of the major bones of contentions between the United States and China which resulted in the trade war between the countries that have been ongoing for more than a year now.
Industries for which there are restrictions or prohibition on investors, foreign or domestic, are identified by China’s so called 'negative lists'.
"We will move faster to open up the financial industry," said Wang, and would remove all forms of restrictions on the scope of business for foreign banks, securities companies and fund managers in this sector. He added that in order to ensure foreign and domestic players have equal market access to manufacturing new-energy vehicles, china will also fine tune its policies in this regards.
Wang said that the aim of implementing the new measures is to make sure that there is constant and stable flow of foreign investment as well as to create a transparent and predictable investment environment in the country.
A cause of concern for many of the more than 200 member companies in of the US-China Business Council included the forced transfer of technology and restrictions on investments that mandated formation of joint ventures, said the trade body.
"We are encouraged by the vice-minister's statement on eliminating forced technology transfer requirements in the China market," said Jake Parker, the group's senior vice-president. "We look forward to these new liberalisations quickly resulting in transparent regulatory reviews that lead to licences granted after narrowly defined review timelines."
In a separate news conference China's Foreign Ministry spokesman Geng Shuang, said that there were telephonic discussions between trade representative s of the US and China and both parties would be talking to each other soon. No time frame was however provided by him.
The US and China has tentatively agreed on a trade pact with regards to issues such as agricultural purchases, greater access of US companies to China's financial services markets, better measures for protections for intellectual property rights and a currency pact which prompted US president Donald Trump to agree to cancel a proposed import tariff hike on US$250 billion in Chinese goods.
The two countries are also working closely to finalize the so called phase 1 of a trade agreement between them which was announced by Trump on October 11. The US president has said that it is hoped that the phase 1 trade deal could be signed between him and China's President Xi Jinping when they meet in Chile next month o at the sidelines of a summit.
(Source:www.straitstimes.com)
The possible upcoming directives were signaled in a statement to a news conference in Beijing by Wang Shouwen.
The forced transfer of technology from American companies to domestic Chines firms in the name of mandatory joint ventures was one of the major bones of contentions between the United States and China which resulted in the trade war between the countries that have been ongoing for more than a year now.
Industries for which there are restrictions or prohibition on investors, foreign or domestic, are identified by China’s so called 'negative lists'.
"We will move faster to open up the financial industry," said Wang, and would remove all forms of restrictions on the scope of business for foreign banks, securities companies and fund managers in this sector. He added that in order to ensure foreign and domestic players have equal market access to manufacturing new-energy vehicles, china will also fine tune its policies in this regards.
Wang said that the aim of implementing the new measures is to make sure that there is constant and stable flow of foreign investment as well as to create a transparent and predictable investment environment in the country.
A cause of concern for many of the more than 200 member companies in of the US-China Business Council included the forced transfer of technology and restrictions on investments that mandated formation of joint ventures, said the trade body.
"We are encouraged by the vice-minister's statement on eliminating forced technology transfer requirements in the China market," said Jake Parker, the group's senior vice-president. "We look forward to these new liberalisations quickly resulting in transparent regulatory reviews that lead to licences granted after narrowly defined review timelines."
In a separate news conference China's Foreign Ministry spokesman Geng Shuang, said that there were telephonic discussions between trade representative s of the US and China and both parties would be talking to each other soon. No time frame was however provided by him.
The US and China has tentatively agreed on a trade pact with regards to issues such as agricultural purchases, greater access of US companies to China's financial services markets, better measures for protections for intellectual property rights and a currency pact which prompted US president Donald Trump to agree to cancel a proposed import tariff hike on US$250 billion in Chinese goods.
The two countries are also working closely to finalize the so called phase 1 of a trade agreement between them which was announced by Trump on October 11. The US president has said that it is hoped that the phase 1 trade deal could be signed between him and China's President Xi Jinping when they meet in Chile next month o at the sidelines of a summit.
(Source:www.straitstimes.com)
