BEIJING – China announced on Monday it will complete the opening of its manufacturing and finance sectors in 2018 and facilitate foreign investment in telecommunications, medical services, education, care for the elderly, and electric and hybrid vehicles.
Prime Minister Li Keqiang made the announcement at the opening of the 15-day annual plenary session of the National People’s Congress in Beijing.
“We will make market entry standards the same for both Chinese and foreign banks,” Li said.
China will work towards opening up its financial sector, gradually introducing changes in banking regulations and lifting restrictions on foreign insurance companies.
It will also ease restrictions that prevent joint ownership involving Chinese companies and foreign firms in the banking sector and the stock market.
Li said foreign investors will be able to delay the payment of taxes to reinvest profits in China.
He also said that the procedures for opening businesses in the country using foreign capital will be simplified, and there will be a single process to register companies.