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China to allow foreign-invested companies to list

(Xinhua)
Updated: 2009-09-09 07:48

China will gradually reduce limits on equity stake proportion in investment from overseas companies, allowing qualified foreign-invested enterprises to list in the country's stock market, Chen Deming, Minister of Commerce, said Tuesday.

The move aims at expanding cooperation fields between China and foreign countries, innovating investment avenues and optimizing foreign investment structures, Chen said at the 13th China International Fair for Investment and Trade (CIFIT) in Xiamen, southeastern Fujian Province without saying when it will take effect.

China's used foreign direct investment (FDI) has declined consecutively for ten months since last October as a result of the global economic downturn. The country's FDI dropped by 20.4 percent year-on-year to $48.4 billion in the first seven months this year, data from the Ministry of Commerce showed.

Related readings:  China to allow domestic listings of foreign firms next year  Plan for foreign firms' listings gathers steam  Foreign firms get red-carpet welcome  Shanghai float unlikely for foreign firms

China will promote the opening-up of the service industry and speed up the construction of economic and technological development zones, in a bid to enhance mutual investment and contribute a dynamic force to the shrinking global economy, said Chen.

It will encourage foreign companies to develop high technology industry, promote outsourcing industry, and support investment in clean technology, energy saving and environmental protection industry.

The country will also create a convenient law and policy environment in mutual investment, gradually granting foreign-funded enterprises the same treatment as their Chinese counterparts, Chen said.

The 13th CIFIT opened Tuesday. This year's fair has attracted 13,000 overseas businessmen. Launched in 1997, CIFIT has become one of China's most influential international platforms for the promotion of investment.