FTZ opens to more funds

Shanghai opened up the city's pilot free trade zone to more investment from overseas after it released a revised list of restrictions on foreign direct investment last week.

The latest version of the so-called "negative list," which is effective immediately, reduces the restrictions and conditions for overseas investment to 139, down from 190 previously. Among the key changes are the removal of 14 restrictions on matters like qualification requirements and maximum equity ratios for foreign partners, as well as the easing of investment controls in 19 areas, including manufacturing, property and maritime services.

"The greater openness will enable the zone to give full play to its role as a testing ground for China as it undergoes a process of industrial restructuring, " said Dai Haibo, deputy director of the zone's management committee.

By the end of last month, 1,245 foreign companies boasting a combined registered capital of US$7.3 billion have been attracted to the zone.