By Xuhua Huang and Ouou Bao King&Wood Mallesons
Since 1995, the PRC government has published catalogues for the guidance of foreign investment industries (Catalogues) once every three to four years. Each Catalogue has reflected the direction of China’s economic development and foreign investment industries.
On 10 March 2015, the National Development and Reform Commission (NDRC) and the Ministry of Commerce (MOFCOM) jointly released the Catalogue for the Guidance of Foreign Investment Industries (as amended in 2015) (2015 Catalogue).
There are a number of key changes in the 2015 Catalogue which investors have welcomed, in particular investors from Singapore and other Southeast Asian countries. Singapore has been the second largest source of foreign investment into China (by Singaporean companies and investors through Singapore) in recent years; the aggregate amount of its investment into China in the past 36 years (since the implementation of China’s economic reform and door open policy in 1979) is also predicted to rank #2 by the end of 2015. In fact, manufacturing, real estate, infrastructure, ports, transportation, logistics, financial service, environment protection, hospital/pharmaceutical and education are major industry sectors that have attracted most of Singaporean investments into China.
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