China unveils 2020 negative list for foreign investment access in Hainan free trade port

China unveils the 2020 negative list for foreign investment access in Hainan free trade port. It will come into effect on Feb. 1, 2021.

The negative list, jointly released by the NDRC and the MOC, introduces measures to promote opening-up in crucial areas, such as value-added telecommunications and education, expand commercial services, and to ease market access in the manufacturing and mining industries.

Approved by the State Council, the 27-item list is significant in promoting investment liberalization and facilitation in the Hainan free trade port. It should also accelerate the formation of internationally competitive opening-up policies and systems.

Restrictions on foreign investment access to online data processing and online transaction processing businesses will no longer apply when the list takes effect.

Overseas high-level universities and vocational colleges specializing in science and engineering, agriculture, and medicine will be allowed to run on the island independently.

Foreign ownership limits for passenger car manufacturing will be lifted. Regulations prohibiting foreign investment in the exploration, mining and ore dressing of rare earth, radioactive minerals and tungsten will no longer apply either.

— China Banking and Insurance Regulatory Commission (CBIRC) has started soliciting public opinion on a revised regulation on foreign insurance companies.

The revised regulation will mainly clarify access conditions for foreign insurers and overseas financial institutions, fine-tune shareholder change and access requirements, and scrap foreign ownership caps, according to the CBIRC.

New market access conditions will not be added and entry barriers will not be raised under the revised regulation, the CBIRC said, adding that the domestic and foreign insurers will be able to conduct business under the same rules.

Source

Related article: China to establish Hainan Free Trade Port Intellectual Property Court

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