China releases plan to lure more foreign investment as economy falters 

A worker produces textile products for export at a workshop of a company in Lianyungang city, Jiangsu province, China, August 9, 2023. CFOTO/Future Publishing via Getty Images

China’s State Council released a plan to further attract foreign investment and improve the business environment, including tax and visa measures, as it seeks to bolster the flagging economy.

China aims to attract more investment in key industries and encourage foreign companies to set up research and development centers in the nation, according to a statement posted on the central government’s website.

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It will help accelerate work on foreign projects in the biopharmaceutical industry and steadily increase trial areas for certain telecommunication services, according to the statement. Qualified foreign companies will be encouraged to set up investment units and regional headquarters, it said.

China will also make applying for visas and residence permits more convenient for employees of foreign companies, while increasing fiscal and taxation support for the businesses, according to the statement.

    — With Jing Jin

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