China will reduce foreign investment curbs

China will reduce restrictions on foreign investment and address difficulties facing foreign companies investing in the country, the commerce minister said, according to a transcript of an interview he gave to state media.

Commerce Minister Zhong Shan said China would allow full foreign ownership of companies in more areas of the economy and would reduce the number of industries in which foreign investment was restricted or barred, according to the transcript posted on the Ministry of Commerce's website on Sunday.

The comments appeared to be largely reiterations of past pledges by Chinese officials for further market opening.

Foreign direct investment (FDI) into China rose by 3 percent year-on-year to $135 billion in 2018, Zhong said.

That would mark a slowdown from growth rates of 7.9 percent in 2017 and 4.1 percent in 2016.