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China opens businesses to foreign firms in Shanghai FTZ

China opens businesses to foreign firms in Shanghai FTZ

Mandy www.szdingrun.com 2014-09-28 18:41:32
BEIJING - The Chinese government will lift restrictions on foreign investment for 27 businesses, from green tea to civil airplane engines, in the China (Shanghai) Pilot Free Trade Zone (Shanghai FTZ).

The Shanghai FTZ will be temporarily exempt from restrictions on foreign investment in businesses like shipping, automobile, civil aviation and infrastructure development, according to a State Council statement published on Sunday.

Foreign investors are allowed to set up solely-owned firms in Shanghai FTZ for cargo handling and management of container yards. The current regulation only allows Chinese-foreign joint ventures.

Solely-owned foreign firms in the Shanghai FTZ will be allowed in sectors that are only open to joint ventures nationwide, such as research and development of facilities for high-speed railways, passenger trains and inter-city rails, designing yachts and luxury liners, as well as development and manufacture of parts of civil airplane engines.

They are also allowed in constructing and managing local railways and ferries as well as bridges and tunnels attached to these projects. 

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