Development and Reform Commission: Encouraging Foreign Investment in Petrochemical Industry in the Next Five Years

The National Development and Reform Commission issued the "Eleventh Five-Year Plan" (2006-2010) plan for the use of foreign investment. During the 11th Five-Year Plan period, foreign investors are encouraged to continue to invest in electronic information, petrochemical, chemical, and automotive industries, allowing domestic commercial banks to adhere to the Chinese holding Introduce foreign strategic investors.

The plan also stated that during the "Eleventh Five-Year Plan" period, domestic commercial banks are allowed to introduce foreign strategic investors under the precondition of insisting on Chinese holding, support the establishment of strategic partnerships such as equity cooperation between foreign-funded banks and Chinese-funded banks, and improve the corporate legal structure. .

The insurance industry will focus on the introduction of overseas insurance companies and other financial institutions with special expertise in pensions, medical care, responsibility, and agricultural insurance, and encourage foreign-funded insurance companies to set up operating agencies in the Midwest and Northeast China. State-owned insurance companies are allowed to introduce foreign strategic investors on the premise of adhering to Chinese holdings, and allow qualified domestic joint-stock insurance companies to introduce foreign capital.

The plan also pointed out that it is necessary to gradually promote the opening of the securities industry to the outside world, and after the share reform of listed companies is completed, overseas strategic investors are allowed to make strategic investment in it.
In addition, foreign investors are allowed to conduct domestic telecom services in a joint venture within the statutory scope, expand foreign investment in the telecom value-added services market, and prudently promote the opening of the basic service market.

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