China opens up markets further, reduces curbs on foreign ownership

China has unveiled a long-anticipated easing of foreign investment curbs on key sectors including banking, automotive, heavy industry and agriculture as Beijing moves to open its markets further. China’s National Development and Reform Commission published on its website late Thursday a new version of the so-called negative list, which sets out industries where foreign investment is limited or prohibited, that will take effect July 28, Reuters reports. In addition to confirming already announced pledges to fully remove ownership limits on industries such as insurance and autos within the next three to five years, China is also easing or removing ownership caps on businesses including ship and aircraft manufacturing, power grids and new breeding of crops excluding wheat and corn.