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Foreign investment will be welcomed in more sectors, according to a new version of an industry catalog jointly released by the National Development and Reform Commission (NDRC) and the Ministry of Commerce (MOFCOM).
Compared with the 2020 version, the new version has added 239 more items and modified 167 existing ones, said an official from MOFCOM, adding that the catalog's structure has also been optimized.
There are a total of 1474 items in the new catalog, of which 519 items are encouraged nationwide and 955 items are encouraged in the provinces and autonomous regions in the western, central and northeastern regions of China.
The new catalog continues to encourage foreign investment flowing into advanced manufacturing, such as the development, production and application of new technologies, new products, and new materials, said MOFCOM.
Meanwhile, modern service sectors are also encouraged, such as integrated technology services, specialized design services, human resources services, and evaluation, certification and audit of clean productions.
In addition, the new catalog further encourages foreign enterprises to invest in the western, central and northeastern regions of China.
Foreign investment projects that are covered in the new catalog can enjoy preferential policies such as taxation and land use, according to MOFCOM.
The new catalog, released shortly after the conclusion of the 20th CPC National Congress, is one of the first batches of policy packages demonstrating the country's resolve to promote higher-level opening up.
In the report presented to the 20th CPC National Congress, China vows to protect the rights and interests of foreign investors in accordance with the law, and foster a world-class business environment.
Latest statistics show that foreign direct investment in the Chinese mainland, in terms of actual use, grew 15.6 percent year-on-year to one trillion RMB in the first nine months of this year.
The new catalog will be effective from January 1, 2023.