China eases rules for foreign firms in FTZs

Shanghai

CHINA will relax restrictions on foreign enterprises investing in its fledgling free trade zones (FTZs) in a bid to attract more overseas capital, the country's Cabinet said on Tuesday.

The government will temporarily replace an unwieldy approval mechanism with a registration system that will allow the establishment of foreign firms or joint ventures in the FTZs and facilitate major mergers and acquisitions involving foreign companies, the Cabinet said in a statement on its website (www.gov.cn).