China’s State Council has announced a series of adjustments to policies for free trade zones across the country, relaxing restrictions for foreign investment in several sectors including shipping, aircraft manufacturing and rail transporation.
According to the new policies, the authority has removed restrictions on the proportion of foreign ownership in shipping companies, which means wholly foreign-owned companies are allowed to set up in FTZs in Shanghai, Tianjin, Guangdong and Fujian.
Additionally, the proportion of foreign ownerships in shipping agencies has been increased to 51%.
The regulation changes in FTZ reflect Beijing’s attempt to attract more foreign capital.
In 2016, authorities had already allowed the establishment of wholly foreign-owned shipmanagement companies as well as cargo loading and unloading businesses.