China Expands Access to Its Manufacturing, Healthcare Sectors for Foreign Investment

Beijing/IBNS: China is set to fully open up its manufacturing sector to foreign investment and is increasing opportunities for foreign capital in the healthcare sector as part of efforts to boost the economy, Bloomberg reports.

Beijing will lift remaining restrictions on foreign investment in manufacturing from November 1 and shorten the list of sectors in which only foreign investors can invest, according to a statement from the National Development and Reform Commission (NDRC) released on Sunday (Sept 8).

The government is committed to developing and expanding the services sector and will promote increased foreign investment in this area, the NDRC noted.

Authorities are also reportedly considering policy changes aimed at attracting more foreign investment into the services sector.

In addition, China has introduced new policies to further open up its healthcare sector.

As Bloomberg reports, citing a statement published on the website of the Ministry of Commerce, foreign capital will now be able to participate in the development and application of technologies such as stem cells, genetic diagnostics and medical treatments within pilot free trade zones in Beijing, Shanghai, Guangdong and Hainan.

Products that have been registered, marketed and approved can reportedly then be distributed nationwide.

The government will also allow the establishment of wholly foreign-owned hospitals in cities such as Beijing, Tianjin, Shanghai, Nanjing, Suzhou, Fuzhou, Guangzhou, Shenzhen and Hainan Island, according to the statement.

However, the takeover of public hospitals and facilities practicing traditional Chinese medicine remains prohibited.

According to Bloomberg, the new rules take effect immediately.