China names healthcare, education, tech as likely venues for more foreign investment
- Certain service sectors have been declared ripe for foreign and private investment by State Council as China seeks capital infusion
China has promised to widen market access in sectors like healthcare, education and hi-tech, part of a broader effort from the world’s second-largest economy to woo back overseas and private investment and help stabilise the country’s economic growth.
The council, China's cabinet, also issued a 10-point guideline on optimising national market access on Wednesday, naming it a “key pillar” of the country’s socialist market economy.
“Market access for both domestic and foreign investment should be better aligned, areas opened to foreign investors should be accessible by domestic investors, and thresholds for domestic investors should also apply to foreign investors as long as they do not violate international agreements,” the document read.
“There should be an orderly opening up of service industries not linked to national security or social stability, which would offer higher quality of service when in market competition.”
The guideline “is a response to calls from corporates and wider society,” said Guo Liyan, vice-president of the Academy of Macroeconomic Research at the National Development and Reform Commission, China’s top economic planner. “[It] emphasises policies must be implemented in an effective manner,” she was quoted by state news agency Xinhua as saying.
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