The newly released revised industry catalog that puts more sectors into the category of encouraged foreign investment took effect on Wednesday, showing that China is determined to open the door for more foreign investment to spur its economic growth.
Holding a positive view toward future growth in the huge Chinese market, which attracted the largest amount of foreign direct investment (FDI) in the world last year, some foreign-funded firms said that they will continue to expand investment in China, sharing the opportunities arising from steady economic growth and industrial upgrading.
According to the 2020 revised industry catalog, released by the National Development and Reform Commission and the Ministry of Commerce at the end of last year, the new list has 127 more items, an increase of 10 percent in the number of sectors encouraging foreign investment compared with the 2019 version. Meanwhile, up to 88 existing items were modified to expand their coverage.
New sectors added to the national-level catalog include respirators, extracorporeal membrane oxygenation (ECMO) devices, online education services and 5G mobile telecommunication technologies.
China has emerged as the second-largest pharmaceutical market in the world, with growing medical demand, regulatory reforms and expanding reimbursement driving demand for high-quality, innovative medicines.
Sectors related to information and communications technology, consumption upgrading and healthcare are likely to embrace more foreign players to spur more industrial vitality.
China's FDI jumped 6.2 percent year-on-year to reach 999.98 billion yuan ($144.37 billion) last year, the highest since 1983, the Ministry of Commerce said last week.
