Page 24 - aruba-today-20161231

Saturday 31 december 2016 BUSINESS
A24

China to ease curbs on foreign investment after complaints

GILLIAN WONG
Associated Press
BEIJING (AP) — The Chi-
nese government said Fri-
day it will ease restrictions
on foreign investment in
sectors ranging from bank-
ing and internet services
to rail equipment and mo-
torcycles, in response to
mounting complaints from
foreign business groups
and governments.
An official with China’s
National Development
and Reform Commission,
the economic planning
agency, said service sec-
tors such as accounting
and auditing, architectural
design and ratings services
will be open to foreign in-
vestment.
In manufacturing, barriers
to foreign investment will
be lowered in sectors such
as rail transportation, mo-
torcycles and ethanol fu-
els, according to an official
transcript of a briefing by
Ning Jizhe, vice-chairman Commuters wait for buses at a bus stand near skyscrapers under construction in the Central Business District of Beijing, Thursday,
of the commission. Dec. 29, 2016. Despite a cooling economy, Beijing has one of the world’s highest office rental cost as authorities accelerate plans
The moves are part of a set to establish the capital as an international financial center.
of guidelines approved by Associated Press
China’s Cabinet this week
Beijing says are aimed at chaired the State Coun- interview with a Hong Kong pledges to open its markets market closure and favor-
leveling the playing field cil’s executive meeting newspaper published last and give unfettered ac- ing of indigenous produc-
for foreign companies that passed the guidelines week, the German ambas- cess to foreign investment. tion,” Ambassador Michael
and boosting investment, Wednesday, said China sador to China said that “We sense a growing ten- Clauss told the South China
which has been slowing. should take measures with Beijing was not living up to dency in China towards Morning Post.
No specific details were im- “great effectiveness in at-
mediately released. tracting foreign capital,”
Ning said the guidelines according to the official Oscar Mayer plant in
would “help ensure and Xinhua News Agency.
promote fair competition “China’s economy devel-
between domestic and ops as we continue our Madison prepares to close
foreign companies” and opening-up strategy,” Li
attract more investment. was quoted as saying.
He said foreign investment “Besides advanced tech- MADISON, Wis. (AP) — The said. ployees.
in China rose 3.9 percent nology and experience in already dwindling number He added that planning A clause in the union con-
from January to Novem- management, China also of employees at the Oscar what will replace the site is tract for the company
ber, slower than the rate needs capital investment Mayer plant in Madison will a priority, but he also said states if Madison’s Oscar
of growth in the previous from overseas.” continue to shrink as the it could be 10 years before Mayer facility closes, then
year. The Chinese leadership facility prepares to perma- the site opened again with its workers have the right to
China would also work to is trying to shore up eco- nently close in the first quar- a new identity. take over a job that’s held
open up areas typically nomic growth which has ter of 2017. Parent company Kraft Heinz by a worker with the least
deemed sensitive by the cooled steadily over the The company that pro- announced in November seniority at the Davenport
government, such as inter- past six years as commu- duced processed meats 2015 that it would close facility.
net services, telecoms and nist leaders try to steer it to for decades and once the Madison operations as Many other employees
education, in “an orderly more self-sustaining growth employed more than part of a restructuring that have chosen to retire, with
way,” Ning said. But the ex- based on consumer 4,000 people is scheduled will shutter seven plants some drawing pensions of
tent to which such sectors spending instead of trade to close by the end of in North America. About $2,000 a month or more.
would be liberalized was and investment. March 2017, the Wisconsin 1,000 people worked in the And the employees who
unclear. Earlier this year, Washington and Europe State Journal (http://bit. local offices and factory at are at least 50 years old
China passed a law on complain Beijing blocks ly/2imrz7V ) reported. the time. and have worked for the
cybersecurity seen as en- access to its markets in “We are planning a meet- Company spokesman Mi- company at least 20 years
abling the ruling Commu- violation of its free-trade ing ... sitting down with chael Mullen said there are can get a double-pension,
nist Party to exert greater commitments. Foreign some business leaders here 450 employees left today. with some qualifying for a
control over the internet companies complain Chi- in the city, just discussing Of those employees, about $750 additional bonus.
and technology products nese regulators are try- the future of the site and 50 intend to transfer to the “We sincerely thank our
and moved to more tightly ing to squeeze them out what may be done with Davenport facility, where employees for their hard
control schools. of technology and other it, from a technical stand- they will have bumping work and commitment to
Premier Li Keqiang, who promising industries. In an point,” Mayor Paul Soglin rights over the Iowa em- the facility.