China releases new catalog of encouraged industries to spur foreign investment

China is expanding investment scope for foreign investors with a new encouraged industries catalog, demonstrating the country's resolve to attract more foreign investment and spur economic growth.

The National Development and Reform Commission and the Ministry of Commerce released a revised 2020 catalog of encouraged industries for foreign investment on Monday. The new catalog, which contains a total of 1,235 items, will take effect on Jan 27.

The 2020 foreign investment encouraged industries catalog consists of two sub-catalogs-one applies to the whole nation and one is applicable to the country's central and western regions.

Compared with the 2019 version, the revised catalog for nationwide implementation now contains 65 newly added items and 51 modified items, while the catalog for the central and western regions features 62 new items, according to the NDRC.

The NDRC said the new catalog was a key move by the government to further stabilize foreign investment, boost confidence and maintain stability in industrial and supply chains.

Specifically, the new catalog has added and revised many items to boost foreign investment in China's central and western regions. Foreign investment is also encouraged in sectors such as manufacturing and producer services.

According to the NDRC, newly added and revised encouraged industries also include 5G, blockchain, maintenance of high-end equipment, online education and online health services.