Wednesday 18 October 2017

Shanghai zone restrictions lifted

The free trade zone encapsulates the city of Shanghai
The free trade zone encapsulates the city of Shanghai

China has announced the lifting of restrictions on foreign investment for several industries, from green tea to civil aeroplane engines, in a special free trade zone in the business hub of Shanghai.

The new rules affect 27 industries, also including cars and infrastructure, and represent a mix of concessions over the rules that apply elsewhere on the mainland.

China's State Council said some of the limits on industry investment by foreign companies in joint ventures with Chinese firms will go from 49% to 51% or greater, including in the shipping industry.

In some other industries, such as companies developing high-speed rail technology, yachts and luxury liners, sole foreign ownership will be allowed in the Shanghai zone, whereas elsewhere in China the firms must have a local partner.

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