China will open doors wider to foreign investors this year by completely opening up its general manufacturing sector and expand access to a number of other sectors, Chinese Premier Li Keqiang said Monday.[Special coverage]
Foreign investors will have wider access to sectors like telecommunications, medical services, education, elderly care and new energy vehicles, said Li when delivering a government work report to the first session of the 13th National People's Congress.
"We will make market entry standards the same for both Chinese and foreign banks," he said.
To open up the financial sector, China will phase in an opening up of bank card clearing and other markets, lift restrictions on the scope of operations of foreign-invested insurance agent companies, and ease or lift restrictions on the share of foreign-owned equity in companies in sectors including banking and securities.
Overseas investors will be granted tax deferral for the reinvestment of profit made in China, while procedures for setting up foreign-invested enterprises will be simplified, and business filing and business registration will be processed together in one go.
The government will also spread the use of practices developed in existing free trade zones all over the country, and explore opening free trade ports, he said.