China to Gradually Open Up to More Foreign Businesses
China has opened up to more global and foreign businesses as part of their third plenum resolution. Restrictions to overseas investors will be lifted for several industries which include services for elderly and children, accounting and auditing, commerce, architectural design, e-commerce and logistics.
There are industries that will be opened up gradually including education, culture, financial services and medical care while opening up of the manufacturing sector will be increased. Both foreign and domestic businesses will be treated equally based on the terms under the Chinese legal system. Opportunities to build more free trade zone is proposed to add to the pilot program in shanghai as indicated that the central government can select several qualified areas that will develop into free trade zones, parks or ports.
Mutual investment treaties with other countries will be speed up and bureaucracy will be lessened for foreign investors. Economic reform has a bigger scope for development that can create private companies and companies with mixed ownership. Also private technology companies will be granted access to production, research and maintenance of military equipment.