For two decades, foreign direct
investment flooded into China at an astonishing clip. But after reaching
a peak of some $300 billion in 2013, foreign inflows have cooled just as
Chinese direct investment overseas has skyrocketed.
To win back jittery
investors, China’s leaders have promised to liberalise investment laws.
On Saturday several much-heralded revisions to China’s foreign-investment
laws will come into force. Leaders promise a shift from a regime reliant on
politicised administrative approvals to a registration system involving
just a short “negative list” of forbidden investments. Sadly there is
less to the latest reforms than meets the eye.
Nothing in them puts
foreign firms on an equal legal footing with local ones, for example.
Also, there are already signs of bureaucratic resistance to the shift to
a registration system. Leaders must do more if they want to persuade
foreign investors the welcome mat is out.
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