China names healthcare, education, tech as likely venues for more foreign investment

Certain service sectors have been declared ripe for foreign and private investment by State Council as China seeks capital infusion

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Healthcare, education and tech have been named as sectors which should be opened wider for entry by foreign and private players. Photo: Getty Images

Published: 7:00pm, 22 Aug 2024Updated: 7:17pm, 22 Aug 2024

China has promised to widen market access in sectors like healthcare, education and hi-tech, part of a broader effort from the world’s second-largest economy to woo back overseas and private investment and help stabilise the country’s economic growth.

A new version of the negative list – a document detailing sectors closed to foreign and private participation, last updated in 2021- was approved during an executive meeting of the State Council on Monday, but no details have yet been published.

The council, China's cabinet, also issued a 10-point guideline on optimising national market access on Wednesday, naming it a “key pillar” of the country’s socialist market economy.

“Market access for both domestic and foreign investment should be better aligned, areas opened to foreign investors should be accessible by domestic investors, and thresholds for domestic investors should also apply to foreign investors as long as they do not violate international agreements,” the document read.

“There should be an orderly opening up of service industries not linked to national security or social stability, which would offer higher quality of service when in market competition.”