China has eased restrictions on foreign investment in free trade zones

Vastavam web: In a bid to arrest its economic slowdown, China has eased restrictions on foreign investment in its free trade zones, removing 27 items across eight sectors including mining, manufacturing and banking, on which foreign investment was barred.In finance, foreign banks are permitted to underwrite government bonds and they do not have to wait for a minimum period of operation to launch Renminbi (RMB) services.The list, first compiled in 2013, spells out specific bans or restrictions to foreign investment. Authorities have vowed to gradually shorten the list to further open the market.However, it only applies in the free trade zones — which have expanded from the first in Shanghai to the current 11 across the country.