China's state planning agency on Sunday said it has cut the number of sectors subject to foreign investment restrictions, as <a href="https://www.wionews.com/world/us-china-report-progress-in-beijing-trade-talks-206635">Beijing</a> moved to fulfil its promise to open major industries.

The loosening in curbs, though widely anticipated, comes after the United States and <a href="https://www.wionews.com/business-economy/us-recession-risk-rises-as-us-china-trade-tensions-heat-up-report-219279">China</a> agreed on the weekend to restart trade talks with <a href="https://www.wionews.com/opinions/us-china-trade-war-points-to-the-real-crisis-that-global-leaders-must-confront-at-g20-summit-231112">US President Donald Trump</a> offering concessions on tariffs and an easing of restrictions on tech company Huawei.

The National Development and Reform Commission (NDRC) said it has eased foreign investment curbs on sectors including petroleum and gas exploration and widened access to agriculture, mining and manufacturing.

NDRC published on its website the new, shorter so-called negative list that sets out industries where foreign investment is limited or prohibited.

The number of sectors and subsectors on the negative list was cut to 40 from 48 in the previous version, which was published in June last year. The new list takes effect on July 30.

The NDRC document said domestic shipping agencies, gas and heat pipelines in cities with more than 500,000 people, cinemas and performance agencies no longer needed to be controlled by Chinese entities. It also widened access to petroleum and gas exploration, agriculture and some metals resources exploration.

China has repeatedly promised to further open its markets to foreign investment but has stressed such decisions would be based on the economy's own needs and not due to external pressure.

It shortened the negative list last year, easing curbs on sectors including banking, the automotive and heavy industries, while also allowing 100% foreign ownership in some industries where ownership caps previously applied.

Foreign investment in China was previously assessed on a case-by-case basis with approval granted by the local branch of the commerce ministry. Under the negative list system, only investments in industries specified in the list are prohibited or subject to review.

Despite the reforms of recent years, foreign businesses say progress has been slow with foreign investment in many industries still restricted while fresh promises of greater access do little more than repeat earlier pledges.

China's state planning agency on Sunday said it has cut the number of sectors subject to foreign investment restrictions, as Beijing moved to fulfil its promise to open major industries.

China's state planning agency on Sunday said it has cut the number of sectors subject to foreign investment restrictions, as Beijing moved to fulfil its promise to open major industries. The loosening in curbs, though widely anticipated, comes after the United States and China agreed on the weekend to restart trade talks with US President Donald Trump offering concessions on tariffs and an easing of restrictions on tech company Huawei. The National Development and Reform Commission (NDRC) said it has eased foreign investment curbs on sectors including petroleum and gas exploration and widened access to agriculture, mining and manufacturing. NDRC published on its website the new, shorter so-called negative list that sets out industries where foreign investment is limited or prohibited. The number of sectors and subsectors on the negative list was cut to 40 from 48 in the previous version, which was published in June last year. The new list takes effect on July 30. The NDRC document said domestic shipping agencies, gas and heat pipelines in cities with more than 500,000 people, cinemas and performance agencies no longer needed to be controlled by Chinese entities. It also widened access to petroleum and gas exploration, agriculture and some metals resources exploration. China has repeatedly promised to further open its markets to foreign investment but has stressed such decisions would be based on the economy's own needs and not due to external pressure. It shortened the negative list last year, easing curbs on sectors including banking, the automotive and heavy industries, while also allowing 100% foreign ownership in some industries where ownership caps previously applied. Foreign investment in China was previously assessed on a case-by-case basis with approval granted by the local branch of the commerce ministry. Under the negative list system, only investments in industries specified in the list are prohibited or subject to review. Despite the reforms of recent years, foreign businesses say progress has been slow with foreign investment in many industries still restricted while fresh promises of greater access do little more than repeat earlier pledges.

China eases foreign investment curbs amid cooling trade tensions

Japanese Prime Minister Shinzo Abe on Sunday praised <a href="https://www.wionews.com/india-news/pm-modi-meets-saudi-crown-prince-salman-at-g20-summit-in-japans-osaka-discusses-counter-terrorism-231041">Saudi Arabia</a>'s efforts to reduce its dependence on oil and promised Crown Prince Mohammed bin Salman that Japan will help the kingdom with a sweeping reform plan.

"Saudi Arabia's 'Vision 2030' is an unprecedented major reform aimed at shifting away from dependence on oil and at diversifying industry, under your majesty's initiative," Abe told the crown prince at the beginning of a bilateral meeting after a summit of <a href="https://www.wionews.com/world/g20-summit-officially-opens-in-japans-osaka-with-trade-tensions-looming-231047">Group of 20 leaders in the city of Osaka</a>.

"Japan will continue its utmost efforts by government and the private sector to help achieve its success," Abe said.

Riyadh announced the reform plan in 2016, with goals ranging from overhauling its state-owned Public Investment Fund to increasing visits of Muslim pilgrims and encouraging more Saudis to play sports.

Despite last October's murder of Saudi journalist Jamal Khashoggi at the hands of Saudi agents, big investors are pushing ahead with deals and pouring money back into its stock market as well as Vision 2030 projects that aim to diversify the economy of the world’s top oil exporter and create jobs.

"Saudi wants to do the utmost to continue our old but a new strong partnership with Japan," the crown prince told Abe through an interpreter.

Japanese Prime Minister Shinzo Abe on Sunday praised Saudi Arabia's efforts to reduce its dependence on oil and promised Crown Prince Mohammed bin Salman that Japan will help the kingdom with a sweeping reform plan.

Japanese Prime Minister Shinzo Abe on Sunday praised Saudi Arabia's efforts to reduce its dependence on oil and promised Crown Prince Mohammed bin Salman that Japan will help the kingdom with a sweeping reform plan. "Saudi Arabia's 'Vision 2030' is an unprecedented major reform aimed at shifting away from dependence on oil and at diversifying industry, under your majesty's initiative," Abe told the crown prince at the beginning of a bilateral meeting after a summit of Group of 20 leaders in the city of Osaka. "Japan will continue its utmost efforts by government and the private sector to help achieve its success," Abe said. Riyadh announced the reform plan in 2016, with goals ranging from overhauling its state-owned Public Investment Fund to increasing visits of Muslim pilgrims and encouraging more Saudis to play sports. Despite last October's murder of Saudi journalist Jamal Khashoggi at the hands of Saudi agents, big investors are pushing ahead with deals and pouring money back into its stock market as well as Vision 2030 projects that aim to diversify the economy of the world’s top oil exporter and create jobs. "Saudi wants to do the utmost to continue our old but a new strong partnership with Japan," the crown prince told Abe through an interpreter.

Japanese Prime Minister Shinzo Abe offers Saudi crown prince, Mohammed bin Salman help in reducing oil dependency

China and the United States involved in a <a href="http://cms.wionews.com/world/g20-summit-us-china-high-stakes-bilateral-meeting-gets-underway-in-osaka-231356">prolonged trade war</a> agreed to restart trade talks at a high-stakes Xi-Trump trade meeting in Japan, news agency AFP reported quoting China state media Xinhua.&nbsp;

The report also said that the US has agreed not to impose new tariffs on its exports.&nbsp;

US President Donald Trump said trade meeting with China's President Xi Jinping was "excellent" with negotiations now "back on track".

"We had a very good meeting with President Xi of China... I would say excellent," Trump said after the talks on the sidelines of the G20 summit.

The crunch talks on the damaging trade war between the world's top two economies came on the sidelines of a meeting of the G20 in Japan's Osaka, with all eyes on whether the pair would agree a truce.

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Both sides were expected to issue official formal statements later, but Chinese state media said Washington had committed not to impose any new tariffs on Beijing's exports and that the two sides had agreed to restart trade and economic talks.

The outcome was likely to be seen as a win, with experts cautioning ahead of the meeting that a full agreement was unlikely but a truce that avoided a new tit-for-tat round of tariffs would be positive.

Trump has struck a conciliatory tone since his arrival in Japan for the G20 summit, despite saying China's economy was going "down the tubes" before he set out for Osaka, and appeared keen to reach an agreement.

(With inputs from AFP)

China and the United States involved in a prolonged trade war agreed to restart trade talks at a high-stakes Xi-Trump trade meeting in Japan, news agency AFP reported quoting China state media Xinhua.

China and the United States involved in a prolonged trade war agreed to restart trade talks at a high-stakes Xi-Trump trade meeting in Japan, news agency AFP reported quoting China state media Xinhua. The report also said that the US has agreed not to impose new tariffs on its exports. US President Donald Trump said trade meeting with China's President Xi Jinping was "excellent" with negotiations now "back on track". "We had a very good meeting with President Xi of China... I would say excellent," Trump said after the talks on the sidelines of the G20 summit. The crunch talks on the damaging trade war between the world's top two economies came on the sidelines of a meeting of the G20 in Japan's Osaka, with all eyes on whether the pair would agree a truce. × Both sides were expected to issue official formal statements later, but Chinese state media said Washington had committed not to impose any new tariffs on Beijing's exports and that the two sides had agreed to restart trade and economic talks. The outcome was likely to be seen as a win, with experts cautioning ahead of the meeting that a full agreement was unlikely but a truce that avoided a new tit-for-tat round of tariffs would be positive. Trump has struck a conciliatory tone since his arrival in Japan for the G20 summit, despite saying China's economy was going "down the tubes" before he set out for Osaka, and appeared keen to reach an agreement. (With inputs from AFP)

US-China agree to restart trade talks after Xi-Trump meeting on G20 sidelines: Report

US President Donald Trump said Saturday he was ready for a "historic" deal with <a href="https://www.wionews.com/world/us-senate-backs-massive-defense-bill-targets-china-sets-iran-vote-231163">China</a> as he kicked off a hotly awaited meeting with China's Xi Jinping, with the world watching to see if they can strike a deal over their long-running trade war.

After a first day dominated by public shows of bonhomie, all eyes at the G20 turned to a pivotal showdown between the two rivals that has huge implications for the global economy.

The meeting kicked off in a positive tone, with Trump saying,&nbsp;"It would be historic if we could do a fair trade deal... We are totally open to it."

For his part, Xi said that "dialogue" was better than confrontation after both sides had slapped tit-for-tat tariffs on each other's goods.

Even before Donald Trump sat down with his Chinese counterpart, the US president grabbed the headlines with a surprise tweet<a href="https://www.wionews.com/world/donald-trump-offers-to-meet-north-koreas-kim-jong-un-at-dmz-this-weekend-231334"> inviting Kim Jong Un to meet for a handshake at the demilitarised zone</a> between North and South Korea.

Trump has said he expects a "productive" meeting but has also warned he is prepared to slap tariffs on all Chinese imports if no deal can be struck on the sidelines of the G20.

Trump had earlier confirmed that the leaders would discuss Chinese telecoms firm Huawei, which Washington has banned over security concerns. Beijing reportedly wants the restrictions lifted as part of any trade truce.

Experts believe the most that will be agreed is a truce and a pledge to keep talking, although markets are not ruling out a complete collapse or a surprise breakthrough given the US president's mercurial nature.

Gravitas: All the action on the sidelines of G20

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The first tete-a-tete between the leaders of the world's top two economies since the last G20 in December has cast a long shadow over this year's gathering in Osaka, where differences over climate change have also been laid bare.

China's state-run Xinhua news agency said the meeting was a "unique opportunity for the two sides to find new common ground in easing trade tensions and bring the troubled ties back onto the right track".

However, the commentary also warned the US "needs to place itself on an equal footing with China" and "accommodate China's legitimate concerns".

Economists say that a lengthy trade war could be crippling for the global economy at a time when headwinds including increased geopolitical tensions and Brexit are blowing hard.

On Friday, the European Union and the South American trade bloc Mercosur sealed a blockbuster trade deal after 20 years of talks, with European Commission President Jean-Claude Juncker hailing it as a "strong message" in support of "rules-based trade."

Heatwave

Trade is far from the only contentious issue on the table, with climate change proving another major sticking point.

Japan is seeking consensus between EU leaders who want strong action and an American administration committed to withdrawing from the Paris climate agreement.

But diplomatic sources said Washington was trying to win countries over to its side and Japanese officials acknowledged they faced a diplomatic uphill battle.

By Saturday morning, almost no language on climate change had been agreed and doubts lingered over whether a final statement would even see the light of day.

A diplomatic source said it had been a "difficult" night, with the American negotiator pushing a "very tough position" and a group including France standing united against watering down the climate language in the final statement.&nbsp;

Trump has dominated the headlines from the summit, and once again caught observers by surprise by tweeting early Saturday that he was open to meeting Kim while in South Korea this weekend.

"If Chairman Kim of North Korea sees this, I would meet him at the Border/DMZ just to shake his hand and say Hello(?)!," he wrote.

Several experts, however, said the focus on Trump and the talks with China struck at the heart of the G20 format, created to craft a united global response to the Lehman Brothers crisis.

"With much of the fate of the global economy and the likely direction of markets hanging on the outcome of this pivotal Trump-Xi meeting, we think things will get worse before they get better," said ING Economics.

And the focus on bilateral meetings on the sidelines of the summit once again sparked doubts about the future of the gathering, experts said.

"The G20 was created as a forum for cooperation and the question may well be 'have we reached the point where it can no longer serve that purpose'," Thomas Bernes from the Centre for International Governance Innovation told AFP.

US President Donald Trump said Saturday he was ready for a "historic" deal with China as he kicked off a hotly awaited meeting with China's Xi Jinping, with the world watching to see if they can strike a deal over their long-running trade war.

US President Donald Trump said Saturday he was ready for a "historic" deal with China as he kicked off a hotly awaited meeting with China's Xi Jinping, with the world watching to see if they can strike a deal over their long-running trade war. After a first day dominated by public shows of bonhomie, all eyes at the G20 turned to a pivotal showdown between the two rivals that has huge implications for the global economy. The meeting kicked off in a positive tone, with Trump saying, "It would be historic if we could do a fair trade deal... We are totally open to it." For his part, Xi said that "dialogue" was better than confrontation after both sides had slapped tit-for-tat tariffs on each other's goods. Even before Donald Trump sat down with his Chinese counterpart, the US president grabbed the headlines with a surprise tweet inviting Kim Jong Un to meet for a handshake at the demilitarised zone between North and South Korea. Trump has said he expects a "productive" meeting but has also warned he is prepared to slap tariffs on all Chinese imports if no deal can be struck on the sidelines of the G20. Trump had earlier confirmed that the leaders would discuss Chinese telecoms firm Huawei, which Washington has banned over security concerns. Beijing reportedly wants the restrictions lifted as part of any trade truce. Experts believe the most that will be agreed is a truce and a pledge to keep talking, although markets are not ruling out a complete collapse or a surprise breakthrough given the US president's mercurial nature. Gravitas: All the action on the sidelines of G20 × The first tete-a-tete between the leaders of the world's top two economies since the last G20 in December has cast a long shadow over this year's gathering in Osaka, where differences over climate change have also been laid bare. China's state-run Xinhua news agency said the meeting was a "unique opportunity for the two sides to find new common ground in easing trade tensions and bring the troubled ties back onto the right track". However, the commentary also warned the US "needs to place itself on an equal footing with China" and "accommodate China's legitimate concerns". Economists say that a lengthy trade war could be crippling for the global economy at a time when headwinds including increased geopolitical tensions and Brexit are blowing hard. On Friday, the European Union and the South American trade bloc Mercosur sealed a blockbuster trade deal after 20 years of talks, with European Commission President Jean-Claude Juncker hailing it as a "strong message" in support of "rules-based trade." Heatwave Trade is far from the only contentious issue on the table, with climate change proving another major sticking point. Japan is seeking consensus between EU leaders who want strong action and an American administration committed to withdrawing from the Paris climate agreement. But diplomatic sources said Washington was trying to win countries over to its side and Japanese officials acknowledged they faced a diplomatic uphill battle. By Saturday morning, almost no language on climate change had been agreed and doubts lingered over whether a final statement would even see the light of day. A diplomatic source said it had been a "difficult" night, with the American negotiator pushing a "very tough position" and a group including France standing united against watering down the climate language in the final statement. Trump has dominated the headlines from the summit, and once again caught observers by surprise by tweeting early Saturday that he was open to meeting Kim while in South Korea this weekend. "If Chairman Kim of North Korea sees this, I would meet him at the Border/DMZ just to shake his hand and say Hello(?)!," he wrote. Several experts, however, said the focus on Trump and the talks with China struck at the heart of the G20 format, created to craft a united global response to the Lehman Brothers crisis. "With much of the fate of the global economy and the likely direction of markets hanging on the outcome of this pivotal Trump-Xi meeting, we think things will get worse before they get better," said ING Economics. And the focus on bilateral meetings on the sidelines of the summit once again sparked doubts about the future of the gathering, experts said. "The G20 was created as a forum for cooperation and the question may well be 'have we reached the point where it can no longer serve that purpose'," Thomas Bernes from the Centre for International Governance Innovation told AFP.

G20 Summit: Trump says open to 'historic' trade deal with China

Leaders of the Group of 20 major economies warned on Saturday of growing risks to the global economy but stopped short of <a href="https://www.wionews.com/india-news/g20-summit-india-highlights-protectionism-terror-threats-at-brics-and-ric-meeting-231306">denouncing protectionism</a>, calling instead for a free, fair trade environment after talks some members described as difficult.

In a communique at the end of a two-day meeting in Japan's western city of Osaka, the leaders said global growth remained low and risks were tilted to the downside, as trade and geopolitical tensions have grown.

"We strive to realise a free, fair, nondiscriminatory, transparent, predictable and stable trade and investment environment, and to keep our markets open," they said in a second successive summit statement that refrained from urging the need to resist protectionism.

Japanese Prime Minister Shinzo Abe put on a brave face, stressing the <a href="https://www.wionews.com/india-news/pm-modi-holds-20-bilaterals-pull-asides-on-day-2-of-g20-summit-231427">G20 leaders</a> had much in common, such as a shared recognition of the need for the group to remain key drivers of global growth.

"The G20 agreed on fundamental principles backing a free trade system," Abe said, adding that the group had also pledged stronger action to improve the dispute settlement system of the World Trade Organization (WTO).

In preparing the G20 statement, Japan, the chair of the meetings, has sought common ground between the United States, which opposes language denouncing protectionism, and other nations seeking a stronger warning against trade tension.

Watch: G20 Summit day 2 - PM Modi's four bilaterals and four pull-asides

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"There were no breakthrough decisions but ... all participants have confirmed their aspiration to work further on improving the global trade system, including the aspiration to work on WTO reform," Russian President Vladimir Putin told a news conference on Saturday.

"The fact that all have confirmed the need of this process and their readiness to work toward this process is already positive."

Resuming talks insufficient&nbsp;

Widening fallout from the US-China trade war has jolted markets and tested the resolve of G20 members to present a united front in averting a global recession.

The United States and China agreed to restart trade talks, offering some hope that the world's two largest economies can resolve the bitter dispute.

The European Union and South American bloc Mercosur agreed a free trade treaty on Friday, committing to more open markets in defiance of the rising tide of protectionism.

"This deal promotes our values and supports a multilateral, rules-based system," European Commission President Jean-Claude Juncker told reporters on Saturday, taking a swipe at U.S. President Donald Trump's aversion to multilateralism.

However, Christine Lagarde, managing director of the International Monetary Fund, warned the global economy had hit a "rough patch" due to the trade conflicts, and urged G20 policymakers to reduce tariffs and other trade obstacles.

"While the resumption of trade talks between the United States and China is welcome, tariffs already implemented are holding back the global economy, and unresolved issues carry a great deal of uncertainty about the future," she said in a statement.

Last year's <a href="https://www.wionews.com/india-news/pm-modi-focused-on-terror-healthcare-and-infrastructure-at-g20-summit-in-japans-osaka-231431">G20 summit</a> in Buenos Aires was the first to drop the language on the need to denounce protectionism, deferring to a request by Washington, which is sensitive to criticism of the tariffs it is slapping on some G20 members.

Leaders of the Group of 20 major economies warned on Saturday of growing risks to the global economy but stopped short of denouncing protectionism, calling instead for a free, fair trade environment after talks some members described as difficult.

Leaders of the Group of 20 major economies warned on Saturday of growing risks to the global economy but stopped short of denouncing protectionism, calling instead for a free, fair trade environment after talks some members described as difficult. In a communique at the end of a two-day meeting in Japan's western city of Osaka, the leaders said global growth remained low and risks were tilted to the downside, as trade and geopolitical tensions have grown. "We strive to realise a free, fair, nondiscriminatory, transparent, predictable and stable trade and investment environment, and to keep our markets open," they said in a second successive summit statement that refrained from urging the need to resist protectionism. Japanese Prime Minister Shinzo Abe put on a brave face, stressing the G20 leaders had much in common, such as a shared recognition of the need for the group to remain key drivers of global growth. "The G20 agreed on fundamental principles backing a free trade system," Abe said, adding that the group had also pledged stronger action to improve the dispute settlement system of the World Trade Organization (WTO). In preparing the G20 statement, Japan, the chair of the meetings, has sought common ground between the United States, which opposes language denouncing protectionism, and other nations seeking a stronger warning against trade tension. Watch: G20 Summit day 2 - PM Modi's four bilaterals and four pull-asides "There were no breakthrough decisions but ... all participants have confirmed their aspiration to work further on improving the global trade system, including the aspiration to work on WTO reform," Russian President Vladimir Putin told a news conference on Saturday. "The fact that all have confirmed the need of this process and their readiness to work toward this process is already positive." Resuming talks insufficient Widening fallout from the US-China trade war has jolted markets and tested the resolve of G20 members to present a united front in averting a global recession. The United States and China agreed to restart trade talks, offering some hope that the world's two largest economies can resolve the bitter dispute. The European Union and South American bloc Mercosur agreed a free trade treaty on Friday, committing to more open markets in defiance of the rising tide of protectionism. "This deal promotes our values and supports a multilateral, rules-based system," European Commission President Jean-Claude Juncker told reporters on Saturday, taking a swipe at U.S. President Donald Trump's aversion to multilateralism. However, Christine Lagarde, managing director of the International Monetary Fund, warned the global economy had hit a "rough patch" due to the trade conflicts, and urged G20 policymakers to reduce tariffs and other trade obstacles. "While the resumption of trade talks between the United States and China is welcome, tariffs already implemented are holding back the global economy, and unresolved issues carry a great deal of uncertainty about the future," she said in a statement. Last year's G20 summit in Buenos Aires was the first to drop the language on the need to denounce protectionism, deferring to a request by Washington, which is sensitive to criticism of the tariffs it is slapping on some G20 members.

G20 stops short of denouncing protectionism, warns of global slowdown

The G20 Summit 2019 will focus on Trade, Innovation, and Energy. Women empowerment will be one of the focus areas.

G20 Summit will focus on Trade, Innovation and Energy

Wion speaks to Ex-Indian Envoy, Arun Singh and Vivek Katju on G20 Summit 2019.

Arun Singh and Vivek Katju on G20 Summit

G20 Summit kicks off in Osaka, Japan. Japan PM Shinzo Abe Welcomes Leaders

G20 Summit: Japan PM Shinzo Abe Welcomes Leaders

G20 leaders expected to wrangle over Climate Change.

G20 Summit: Big Focus on Climate Change

Indian external affairs ministry news conference on RIC meeting

G20 Summit: News Briefing on 'RIC' meeting

Einar Tangen, Strategic Analyst and Arun Singh speaks on RIC Trilateral meet in G20 Summit 2019

G20 Summit: Einar Tangen, Arun Singh on RIC Trilateral meet

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