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China will further open up its banking sector to foreign investments. It will ease restrictions on foreign banks so they could have easier access to the local market and start business operations in the country, according to the China Banking Regulatory Commission.
China's Foreign Ministry said earlier this month that it firmly opposes Washington's ban on US transactions with the Chinese owners of messaging app WeChat and TikTok, calling the US move "blatant hegemonic acts".
China's Hong Kong Special Administrative Region has also been added to the list with the signing of ASEAN-Hong Kong Free Trade Agreement earlier this month.
China will expand the entry of foreign companies in the services industry, such as elderly care and health, education and finance, lift foreign-owned equity limits in some areas and fully open the manufacturing sector. "There will be no mandatory requirement for technology transfers, and intellectual property rights will be better protected," Li said.
China's Ambassador to the UK Liu Xiaoming gave an update on UK-China relations. [Photo provided to China Daily]
