China promises fewer restrictions on foreign companies

Beijing, June 27 (IANS) Chinese Prime Minister Li Keqiang on Tuesday urged foreign companies to invest in the East Asian country, assuring them of fewer restrictions.

"For all foreign business profits generated in China, you can move freely in and out of China, and there won't be any limitations," the premier said at the inauguration of the Summer Davos forum in Dalian city.

China wants foreign companies to continue generating profits in the country and reinvesting them, added Li. He assured participants that China's economic growth is gaining fresh momentum and that "there will be no hard landing" in the world's second largest economy.

"China will continue to open its markets in the services and manufacturing sectors. It will loosen restrictions on shareholdings by foreign companies in joint ventures and will ensure China will continue to be the most attractive investment destination," he said.

The forum, which seeks to become the Asian alternative to the World Economic Forum in Switzerland's Davos, is alternately held in the Chinese cities of Dalian and Tianjin.

This year's edition is titled "Achieving Inclusive Growth in the Fourth Industrial Revolution".

Around 1,500 people, including politicians, officials, businessmen, academics and media representatives, are expected to attend the event, which will end on Wednesday.