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China to open e-commerce to foreign investment
31
May '16
In a major policy decision, China has decided to lift restrictions to investments by foreign firms in a range of service industry sectors, including e-commerce, logistics, accounting and auditing, the China Securities News quoted Commerce Minister Gao Hucheng as saying.

The report said but gave no time-frame for the changes to come into effect.

According to the Minister, China's trade in services would exceed $1 trillion by 2020. The Commerce Ministry had previously said the value of China's services trade was expected to exceed $750 billion this year.

The Chinese government has been attempting to guide the economy away from a reliance on investment and exports to one largely orientated towards services and underpinned by domestic demand.

Gao's comments came ahead of bilateral meetings between China and the US in early June. American officials are expected to press their Chinese counterparts to take steps to improve the business and investment climate and open Chinese growth sectors to US investment.

The American government is negotiating a bilateral investment treaty with China, and US negotiators have said they are still awaiting a new "negative list" of sectors that Beijing wants to keep off limits. (SH)

Fibre2Fashion News Desk – India

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