BEIJING - Restrictions on foreign investment in the manufacturing sector will be lifted with the release of the 2024 version of the negative list for foreign investment access, China's top economic planner announced Sunday.

Jointly issued by the National Development and Reform Commission (NDRC) and the Ministry of Commerce (MOC), the negative list, effective Nov 1, reduces the number of restrictions from 31 to 29, achieving zero restrictions on the manufacturing sector.

The release and implementation of the 2024 version of the national negative list is an important step in building a new system of higher-level open economy, an NDRC official said.

ALSO READ: China advances financial services for manufacturing industry

The NDRC will work with the MOC and other departments and regions to further implement the system of pre-establishment national treatment plus a negative list, as well as the negative list for foreign investment access, and ensure the timely rollout of the new opening measures.