China to simplify approval for foreign investment

China will simplify its foreign investment approval process in order to introduce a registration-based system for foreign investment projects, an official with the country's top economic planner said Tuesday, according to state-run Xinhua News Agency. "The Chinese government will further enhance the role of foreign investment in its market-oriented economic development," Zhang Xiaoqiang, deputy head of the National Development and Reform Commission, was quoted as saying in Beijing. Zhang said that the country will push forward opening up and better allocation of resources by fostering its competitive advantages. Non-financial foreign investment in China totaled USD 69.5 billion for the period from January to October 2013, up 19.6 percent year on year, according to Zhang. "China will continue expanding business agreements, improving cooperative systems and fighting investment protectionism. Risk control and information sharing will be strengthened to support foreign investment and rational competition," he noted. According to the statistics, China has so far signed over 130 bilateral investment treaties and more than 90 agreements on the avoidance of double taxation