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The government has further relaxed rules for foreign investment in the country's four free trade zones (FTZs), much-highlighted test grounds for ongoing economic reforms, according to the central government website on July 19. Foreign investors will be allowed temporarily to fund wholly owned enterprises in a number of fields, including iron and steel, shipping, auto batteries and gas station operations. A total of 18 rules and regulations with 51 items have been revised, with more than 20 of them involving changes from review-and-approval procedure to registration-based process for foreign investment in the Shanghai, Guangdong, Tianjin and Fujian FTZs.
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