China further opens doors to investors

Reuters and staff reporter

China has pledged to further relax rules to facilitate foreign investment and will allow foreign companies to invest in travel agencies in cities like Shanghai and Chongqing.

The Macroprudential Policy Bureau of the People's Bank of China said that it will continue to internationalize the yuan and build a development pattern of domestic-international dual circulation.

It will also promote innovation in cross-border yuan investment and financing around the development of the free economic zone, such as the Greater Bay Area and Shanghai.

Meanwhile, the State Council will allow qualified foreign-funded travel agencies established in Shanghai and Chongqing to engage in outbound tourism business except in Taiwan.

China's tourism industry during the National Day holiday recorded a 26.2 percent fall in revenue and an 18.2 percent decrease in the number of tourists from one year ago, as scattered infections still kept most residents at home.

China's services activity in September contracted for the first time in four months, as Covid-19 restrictions dented already fragile demand and dimmed business confidence, a private-sector business survey showed on Saturday.

The Caixin services purchasing managers' index fell to 49.3 from 55.0 in August as Covid containment measures disrupted supply and demand and restricted national travel.