China, the world's largest recipient of FDI, today said it will relax investment restrictions and accelerate setting up free trade zones (FTZ) under the new reforms announced by the ruling Communist Party.
FTZs will be expanded in inland and border areas, the top leadership of the Communist Party of China (CPC) said after a four-day meeting, known as the Third Plenum, which concluded here today.
Ahead of the meeting, China - which attracts largest Foreign Direct Investment (FDI) of about USD 100 billion a year - has opened the new FTZ in Shanghai liberalising the investment rules.
New policies will apply to both domestic and international ventures with the strategies of "bringing in" and "going global" combined to adapt to globalisation, a communique issued here after the meeting said.
Cultivation of new competitive advantages will be a priority to participate in and lead international economic cooperation, it said.
