China might allow foreign companies to launch initial public offerings (IPOs) on its stock exchanges and issue corporate bonds, the government said, after Chinese President Xi Jinping (習近平) promised the world that his country was committed to opening its markets.
The Chinese State Council issued a notice late on Tuesday saying that it had granted approval in principle for foreign companies to launch IPOs and issue corporate debt and other financing instruments in order to “support the widening of foreign companies’ financing channels.”
The announcement was the latest in a series of broad liberalization pledges from China as it braces for the incoming administration of US president-elect Donald Trump.
Trump has repeatedly blamed China, and globalization, for the loss of millions of US jobs, raising fears of a trade war between the world’s No. 1 and No. 2 economies.
Foreign companies would face fewer restrictions in a range of sectors — including services, manufacturing, mining and others, much of which has been previously announced — in order to attract more foreign investment, the State Council notice said.
It gave no further specifics or timing on the IPO and debt market access for foreign companies, saying implementation would depend on relevant regulations being drawn up.
In a speech at the World Economic Forum in Davos, Switzerland, on Tuesday, Xi warned against protectionism and promised China would continue to liberalize its markets, sketching out an alternative view to Trump’s.
However, foreign companies and China’s trading partners continue to complain about access to Chinese markets.
China ranked 84th globally — behind Saudi Arabia and Ukraine — in the World Bank’s ease of doing business index last year and second to last in an Organisation for Economic Co-operation and Development report on restrictiveness toward foreign investment.
Last month, China said it would allow foreign firms to operate fully-owned subsidiaries, rather than joint ventures, in sectors including rail transportation equipment and motorcycles, as well as loosen a range of other restrictions.
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