BEIJING, July 28 (Xinhua) -- China will roll out a series of policies to attract more foreign investment, the country's cabinet announced Friday.
The "negative list" approach on foreign investment management, which has been adopted in the country's pilot free trade zones, will be expanded to the whole nation, according to a statement released after the State Council executive meeting presided over by Premier Li Keqiang.
A negative list approach identifies sectors and businesses that are off-limits or restricted for investment.
There will be preferential taxation policies for foreign investors to use profit shared from local enterprises to invest in projects that are encouraged by the governments.
China will discuss taking measures to cut or lift the investment share ceiling for foreign enterprises in some fields of manufacturing and services, and encourage local governments to attract multinational companies to set up regional headquarters.
Foreign firms will be allowed to set up companies in China via mergers and acquisitions, and their intellectual property rights will enjoy better protection.
The scientific and technological and environmental protection sectors of the national development zones in the western region and northeast industrial bases will enjoy more government financial support to attract foreign investment.
To attract and retain foreign professionals, China will streamline their working permit application procedures, expand visa issuance and extend visa expiration dates.
All the above should be implemented by the end of September in principle, the statement added.