Shanghai’s Action Plan for Implementation of Major National Measures to Further Expand Opening-up and Accelerate the Establishment of a New System of Open Economy-(XVIII-XX)

1. Implement “One Network for All” for approving service items. Establish the main portal of “One Network for All” for Shanghai’s government affairs and push forward one network acceptance and one-time completion of all online and offline services. 2. Deepen the reform of “license separation… 

Foreign insurance group companies are allowed to establish foreign-invested insurance companies in China

Specific management measures will be formulated by the insurance regulatory body under the State Council in accordance with the principles set out in the Regulations of the People’s Republic of China on the Administration of Foreign-Funded Insurance Companies and the Regulations of the People’s … 

Foreign banks are allowed to establish wholly foreign-owned banks and foreign bank branches simultaneously or establish Sino-foreign joint venture banks and foreign bank branches simultaneously in the People’s Republic of China.

A foreign bank branch is allowed to absorb fixed-term deposits of no less than RMB 500,000 per trade from Chinese residents. 

Greater opening-up of the cultural industry

We have lifted the restriction that movie theaters and performance brokers must be controlled by the Chinese side. 

Measures on further opening-up in financial sectors involving banking, insurance, securities traders, asset management and credit rating.

Foreign-funded institutions carrying out credit rating services in China are allowed to rate all types of bonds on the Inter-bank Bond Market and the Exchange Bond Market. Encourage overseas financial institutions to participate in the establishment and investment of financial subsidiaries of comm… 

Greater opening-up of the agriculture, forestry, animal husbandry and fishery industries

We have lifted a ban on foreign investment in the development of wild animals and plants. 

China adopts the management model of pre-establishment national treatment with a negative list for foreign investment.

“Pre-establishment national treatment” means that giving foreign investors and their investments will be granted a treatment not less favorable than the treatment granted to Chinese domestic investors and their investments at the initial entrance stage of their investments. A “negative list” m… 

Greater opening-up of the infrastructure industry

We have lifted the restriction that fuel gas and heat supply pipe networks in a city with a total population of more than 500,000 must be controlled by the Chinese side.… 

Greater opening-up of the manufacturing industry

We have lifted a ban on foreign investment in the production of rice paper and ink stick. A foreign investor can establish two or less joint ventures that manufacture similar CBU products in China (The restriction on foreign shareholding ownership ratio in the manufacturing of commercial vehicles … 

Greater opening-up of the information transmission, software and information technology service industries

We have lifted the restriction on foreign shareholding ownership ratio in 3 services, namely, domestic multi-party communications, store-and-forward and call centers.…