China further deregulates foreign investments in retailing

Planet Retail 17 Sep 2008

According to local Chinese press reports, the Ministry of Commerce has entrusted its provincial departments to approve new foreign funded commercial enterprises. Previously, all foreign funded commercial enterprises and investment had to be approved by the Ministry of Commerce in Beijing. As in retailing, permission to open new stores greater than 3,000 square metres will now be delegated to the provincial level instead of Beijing. It is estimated that the new process will reduce the time from months to days. However, the Ministry said its provincial departments are adjusting to the new policy and it is not sure of the exact details yet.

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