China’s National Development and Reform Commission flags creation of ‘green channel’ for foreign investment

China’s top economic planner has flagged a “green channel” for foreign investment into the country amid growing headwinds.

In this Jan. 14, 2019, photo, workers check on a container before loading to a cargo ship at the Qingdao port in east China's Shandong province. China's economic growth fell to a three-decade low in 2018 as business activity lagged amid a tariff war with Washington. (Chinatopix via AP)

China’s top economic planner said Tuesday that the government would provide a “green channel” for foreign investment in the country, as the world’s second largest economy faces growing headwinds.

Meng Wei, a spokeswoman for the National Development and Reform Commission, said in a briefing that China would further broaden market access, especially in the agriculture, service, mining, manufacturing, education, healthcare and culture sectors.

She also said the NDRC encourages banks to issue three-year or even longer-term loans to private businesses, which were impacted by Beijing’s two-year deleveraging campaign. Ms Meng said the NDRC would also approve more bond issuance this year by well-performing private companies.

She also responded to recent media reports that some local internet companies started sacking employees amid weakening demand at home and said there had been no massive lay-offs yet, after the commission’s surveys of companies. But she said the government will move to stabilise growth as every percentage point economic growth would create 2 million jobs and would also roll out more measures to stabilise the job market.

China on Monday reported its slowest economic growth in nearly three decades as a trade conflict with the US exacerbated weakness in the Chinese economy.

Dow Jones Newswires