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China to ease market regulations to woo more foreign investors

China pledged to open up its market to more foreign investors, Xinhua News Agency reported Jan. 12, citing Chinese minister of commerce Zhong Shan.

Zhong said the government will aim to trim negative lists for overseas investors in pilot free trade zones and nationwide, and allow wholly-foreign ownership of companies in more sectors. China will welcome investment in the service sector as well as in the manufacturing and high-tech industries, and in the central and western regions.

The country's foreign investment law will also be prioritized, as well as the improvement of the government's handling of foreign business complaints.

This year, the ministry will focus on holding the second import expo, improving trade relations with the U.S., and pursuing pilot FTZs and the Hainan free trade port.

The announcement comes as Chinese tech company Huawei Technologies Co. Ltd. is facing global backlash for alleged spying on behalf of the Chinese government. One of Huawei's employees was recently arrested in Poland, and subsequently sacked, for suspected espionage.