TRENDING China extends welcome mat to global investors


China extends welcome mat to global investors

By Huang Jingjing | People's Daily app

12:55, February 03, 2019

China has achieved tremendous progress in past four decades thanks to the reform and opening-up policy. But it does not want to go around in circles.

To fight for the great rejuvenation and prosperity of the Chinese nation in the next 30 years, Beijing has announced a series of new policies to further open up.

In the past six months, a dozen leading international companies had their projects approved or launched in China, becoming the first to benefit from the new policies allowing foreign investors to run wholly-owned subsidiaries in the country’s major industries like auto manufacturing, finance, insurance and energy.

"China's door of opening-up will not be closed and will only open even wider!" Chinese President Xi Jinping vowed in his keynote speech at the opening of the 2018 Boao Forum for Asia in Hainan on April 10, 2018.

The announcements of the new moves by international giants in China have proved that China is fulfilling its promises step by step and supporting economic globalization.

Let's have a quick review of such moves in the past six months.

January 28, 2019

The Operations Office of the People's Bank of China approved the application of US-based S&P Global Ratings to establish and operate a subsidiary in China. The agency will be the country's first wholly-owned foreign company to rate domestic Chinese bonds.

January 25, 2019

British multinational telecommunications holding company BT announced that it has become the first non-Chinese telecoms firm to get a nationwide operating license in China.

The license will allow the company to contract directly with Chinese clients and bill them in yuan, and compete with domestic telecoms firms – State-owned China Mobile, China Telecom and China Unicom.

January 10, 2019

German chemical giant BASF announced that it signed a framework agreement with South China’s Guangdong Province to further clarify the building of its $10 billion Verbund chemical complex in Zhanjiang city.

It will be China's first wholly foreign-owned chemicals project.

The first phase of the complex is set to be completed by 2026.

Banking on rich natural resources, a deepwater port, an efficient transport hub and abundant labor, the complex is expected to produce 1 million tons of ethylene annually.

January 7, 2019

US electric carmaker Tesla broke new ground with its Shanghai factory.

The new plant, Tesla's first outside the US, is located in the Lingang Area, a high-end manufacturing park in the southeast harbor of Shanghai.

With an investment of over 50 billion yuan ($7 billion), the plant is expected to start production in 2020, Tesla CEO Elon Musk said.

The annual producing capacity of the plant will be 500,000 electric cars.

January 2, 2019

Shell China, a unit of Royal Dutch Shell, announced that its Zhejiang-based subsidiary Shell (Zhejiang) Petroleum Trading Ltd Co., has received a license to trade refined oil products in the wholesale market China.

November 25, 2018

China Banking and Insurance Regulatory Commission announced that German insurer Allianz Group has gained approval to establish a foreign insurance holding company in China. The company will be the country's first wholly-owned foreign insurance holding company.

October 19, 2018

Mercedes-Benz Parts Manufacturing and Service Ltd. inaugurated its first factory outside Europe in Shanghai.

With a total investment of 17 billion yuan, the plant is scheduled to be completed in 2020.

Located at the same industrial park as Tesla Shanghai factory, the plant is planned to produce 300,000 new energy cars a year.

October 11, 2018

German carmaker BMW announced that it would increase its stake in the joint venture in Shenyang, Northeast China’s Liaoning Province, from 50 percent to 75 percent, and extend the cooperation for another 22 years to 2040.

After the move, the carmaker would take control of the joint venture.

The move is considered the first by a global carmaker after China lifted rules capping foreign ownership for all auto ventures.

September 5, 2018

US energy giant ExxonMobil signed a cooperation framework agreement with the Guangdong provincial government on the proposed construction of a $10 billion chemical complex.

The facility will be built in in Huizhou Dayawan Petrochemical Industrial Park.

It will include an ethylene plant with an annual capacity of 1.2 million tons.

The plant is planned to be operational in 2023.

(Guo Yitong contributed to the video)

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