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China welcomes foreign investments in ecommerce

Update On :31 May 2016

China welcomes foreign investments in ecommerce

Goa Hucheng, commerce minister of China said that the country will be opened for foreign investments according to the China Securities News statement. Restrictions of foreign firms investments in service sectors including e-commerce, logistics, accounting and auditing will be lifted up. A report stated that it would also promote the orderly opening of other service fields including finance, education, culture and health care without specifying the exact time.

The minister predicted that the services trade of China would exceed 1 trillion (0.68 trillion pounds) by 2020. The Ministry of Commerce has previously said the value of 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.

Comments of Goa come on the eve of bilateral meetings in early June between China and the United States at which U.S. officials are poised to press their Chinese counterparts to take steps to improve the business and investment climate and open Chinese growth sectors to U.S. Investment. The Obama administration is negotiating a bilateral investment treaty with China and U.S. negotiators have said they are still awaiting a new negative list of sectors that Beijing wants to keep off limits.

News Source From : http://finance.yahoo.com/news/china-open-e-commerce-other-sectors-foreign-investment-085508225--business.html

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