Foreign firms welcome greater access

The government's widening market access for foreign investors in mining and the cancellation of restrictions on the exploration and development of petroleum and natural gas represent a precious opportunity for foreign oil, gas and mining companies, and have been well received by multinational corporations.

The National Development and Reform Commission and the Ministry of Commerce released two updated negative lists for this year on Sunday, which are expected to take effect on July 30. According to the lists, restrictions on the exploration and development of petroleum and natural gas by Chinese-foreign equity joint ventures or non-equity joint ventures will be canceled.

This is part of the government's efforts to improve international cooperation as well as boost the country's development. China's policy will remain unchanged with respect to opening up and it will continue to ease market access, according to the nation's top economic regulator.