The National Development and Reform Commission and the Ministry of Commerce have released an updated negative list for inbound foreign investment in China on Thursday, largely opening up 22 sectors to foreign investors, The Paper reported.
The new list concerns various sectors including finance, transportation, commerce and trade, professional services, manufacturing, infrastructure, energy, resources and agriculture.
The document also makes a clear roadmap and schedule to open up the crucial automotive and financial sectors.
As of 2018, foreign investors will no longer be restricted from holding a controlling stake in new energy vehicle manufacturers. Such relaxations in policy will also apply to commercial vehicle producers in 2020 and to passenger car makers in 2022.
In addition, securities firms, future companies and life insurance companies, which were previously required to be controlled by Chinese investors, will allow foreign investors to hold no more than 51% in holdings from 2018 onward.
The shareholding cap for foreign investors regarding the latter firms, is also expected to be completely removed in 2021.