China liberalised rules of entry for foreign firms and announced new measures for them to access its domestic vast market.
Except for certain sensitive industries, foreign direct investment will now only require registration, rather than administrative approval.
Foreign companies will submit applications online and receive a response within three days.
That is to say, as long as their business is not on a “negative list”, foreign investors will only need to deliver business plans to local regulators.
The government estimates that this means over 95 percent less procedures. The practice has been tested in various pilot free trade zones.
The move goes in line with foreign investors’ anticipation of a wider opening Chinese market so as to further share the bonus of the country’s growth.
Despite an economic slowdown, China remains an attractive destination for foreign companies with an improving business environment.
Foreign direct investment (FDI) in China during the first eight months of 2016 increased 4.5 percent year-on-year to USD 85.9 billion.