Commerce minister Zhong Shan said China would allow full foreign ownership of companies in more areas of the economy and would reduce the number of industries in which foreign investment was restricted or barred, Xinhua reported. He said the Commerce ministry would push for a foreign investment law, improve the handling of complaints from foreign firms, and encourage foreign investment in manufacturing and high tech. The ministry would also encourage foreigners to invest in central and western China, he said.
China has been pushing to broaden opportunities for private firms and foreign investors to stimulate an economy that is slowing on the back of weakening domestic demand and a trade war with the US.
China seeks to resolve trade spat with US in 2019
China will work to tackle trade friction with US this year, commerce minister Zhong Shan said in an interview with top Chinese state media. The ministry of commerce will push talks forward and boost cooperation with US, cities, business communities and non-governmental groups in order to promote a stable bilateral trade relationship.