China plans to open access to the steel and oil industry
China is getting closer to opening its steel and oil industries to foreign investors. The Economic Planning Agency proposes a project regarding foreign ownership of some sectors, including steel and oil refining.
The political draft no longer limits foreign investment in industries identified as having overcapacity, such as steel, oil refining and ethylene production, according to Xinhua News Agency.
The relaxation of the legislation was promoted by the government for the purpose of an unprecedented opening to private capital. It could also mean the country, the largest steel market and the number two buyer of oil, is closer to ending the nine-year ban on foreign takeovers of steel producers.
„China needs foreign investments to grow the steel and oil industry. In parallel with the decrease of state control over enterprises”. Said Zhou Xizeng, who helped unlock 100 billion yuan ($16 billion).
The revised guidelines would reduce the number of industries subject to foreign investment restrictions to 35 from 79, according to Xinhua. The number of sectors in which Chinese investors must have majority control would decrease. Also 32 out of 44, he said.
China is facing complaints from some foreign companies, which claim that Chinese officials discriminate against foreign companies.
Source: http://www.bloomberg.com/news/2014-11-05/china-ponders-opening-access-to-steel-oil-industries.html
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