Cities gain access to foreign investment

China's State Council (cabinet) announced Thursday that six cities on the Chinese mainland will expand access to foreign investment in several service sectors, including elderly care, travel, telecommunications, entertainment and live performance and entertainment businesses.

Some cities are authorized to allow foreign-funded travel agencies to carry out overseas tourism activities, with the exception of the Taiwan region. Some have been granted the power to approve entertainment and performance activities funded by investors from the Hong Kong and Macao Special Administrative Regions and Taiwan. This authority was originally within the jurisdiction of provincial governments.

The six cities are Shenyang, Liaoning Province; Nanjing, Jiangsu Province; Hangzhou, Zhejiang Province; Wuhan, Hubei Province; Guangzhou, Guangdong Province; and Chengdu, Sichuan Province.

Previously, foreign-funded travel agencies were not allowed to conduct overseas trips for mainland residents, including Hong Kong, Macao and Taiwan. Now, Shenyang, Nanjing, Guangzhou and Chengdu are allowed to set up such agencies that conduct overseas trips, excluding Taiwan. Nanjing, Hangzhou, Wuhan, Guangzhou and Chengdu have also been allowed to handle two types of applications from organizations established by foreign investors and investors from Hong Kong, Macao and Taiwan.

These two applications include applications for entertainment venues to carry out commercial entertainment activities and investment applications for the creation of entertainment venues and organisations.

In addition, the authority to organize commercial shows involving foreign art groups, shows or artists from Hong Kong, Macau or Taiwan has also been decentralized. Nanjing, Wuhan, Guangzhou and Chengdu are now authorized to organize such commercial shows.

Apart from the travel and entertainment sectors, foreign investors also enjoy wider access to various other service areas in these cities.

Shenyang, Wuhan, Guangzhou and Chengdu have been granted permission to establish non-profit medical institutions through joint donations from domestic and foreign entities. In Hangzhou, Guangzhou and Chengdu, foreign investors are allowed to donate funds for the operation of non-profit elderly care organizations and register them as private non-commercial units. Shenyang, Nanjing, Hangzhou, Guangzhou and Chengdu are allowed to open their virtual private networks to foreign investors, provided that their shareholding does not exceed 50%.

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