The Chinese government has pledged to open more sectors to foreign investors to combat the current financial crisis and maintain steady economic growth.
The government will revise the Catalog Guiding Foreign Investment to attract more capital into high technology and modern services industries, new energy development, environmental protection and advanced manufacturing industries, according to a statement issued on Dec. 30 after an executive meeting of the State Council, chaired by Chinese Premier Wen Jiabao.
Government policies released in 2008 to boost the country's industries, including autos, steel, shipbuilding, textile and machinery manufacturing, will be applied to foreign-funded businesses, the Council said.
Foreign-funded companies should have more access to financing and will be encouraged to take part in mergers, acquisitions and reshuffling of Chinese enterprises, it said.
Policy and funding support will be given to foreign capital in the country's less developed central and western regions, especially in labor intensive industries.