New regulations from MOFTEC and the MOC mean that for the first time wholly foreign-owned construction companies can undertake work in China. However, some provisions remain ambiguous and may actually constitute hurdles for foreign investment in the PRC construction industry.
New regulations have been issued that attempt to bring some order to the retail petrol industry, and strengthen the local business environment before the market is liberalized for foreign investment in 2004 per China's WTO commitments.
Reforming China's state-owned enterprises is crucial to any economic reform efforts. A preliminary step has been made to introduce foreign investment into the public sector, and comes amid a more broadly based legislative effort to revamp China's economy.
China's continuing efforts to create a sound tax collection system include strengthening the tax authorities and adding provisions favourable to taxpayers.