China opens more industries to foreign investment

BEIJING: China announced on Wednesday it was expanding the number of sectors open to foreign investment, relaxing international ownership caps on brokerages, futures companies and life insurance firms.

An NDRC spokesman said Wednesday this shows Beijing's"determination to expand its opening to the outside world, and China's firm attitude in supporting economic globalisation". Beijing also lifted regulations prohibiting foreign investment in radioactive mineral production, processing and nuclear fuel production.It relaxed restrictions on foreign investment in commercial vehicle manufacturing as well.

In the agriculture sector, restrictions were eased on wheat breeding and seed production. Authorities said Chinese entities had only to hold at least 34 per cent, rather than a majority share.

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