(Reuters file photo)SHANGHAI - China will relax restrictions on foreign enterprises investing in its fledgling free trade zones (FTZs) in a bid to attract more overseas capital, the country's cabinet said on Tuesday. A container area is seen at the Yangshan Deep Water Port, part of the newly announced Shanghai Free Trade Zone, south of Shanghai in this Sept 26, 2013 file photo. China has free trade zones in the municipalities of Shanghai and Tianjin, as well as the southern province of Guangdong and the southeastern province of Fujian. Previous rules stated that foreign steel firms choosing to invest in China would have to possess their own production technology, while non-steel firms had to demonstrate "strong funding power and high credibility" before investing. "The move is another step in China's reforms to open up its domestic market and to support free trade zone development," said Liao Qun, China chief economist at Citic Bank International in Hong Kong.

Source: Bangkok Post July 19, 2016 05:37 UTC