Heaven for all investors

Complaints from a few foreign business- es about China's investment climate indicate that the largest developing economy is not yet a heaven for investors, at least according to their expectations.

But new rules released by the State Council on Tuesday to "make good use" of overseas investment show that the Chinese market can be a better place for all kinds of investors only if they brace for intensifying competition.

The new regulations welcome foreign investment in the high-tech, services, energy-saving and environmental protection sectors. But polluting and energy-intensive projects or those in industries running at overcapacity are not wanted. Qualified foreign-funded companies will even be allowed to go public, issue corporate bonds or offer medium-term bills in China.