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Foreign investors are allowed to set up wholly-owned entertainment venues in China
According to the latest data, in the first four months of 2021, the actual use of foreign capital in China’s service industry reached 78.8% of the total amount of foreign capital actually used in the country. The increase in the absorption of foreign capital in the service industry has promoted the optimization and upgrading of China’s industrial structure, and has better met the needs of the people for consumption upgrades.
According to the "Regulations on the Administration of Entertainment Places," entertainment venues refer to places such as singing, dancing, and amusement that are open to the public for profit-making purposes. Since 2013, China has attempted to gradually loosen restrictions on the equity ratio of foreign investment in the establishment of entertainment venues. In 2013 and 2015, Shanghai and Fujian Free Trade Zones successively allowed the establishment of wholly foreign-owned entertainment venues; in January 2018, the State Council issued a document allowing the establishment of wholly foreign-owned entertainment venues to provide services in the free trade zone.
Although the new crown pneumonia epidemic is still raging around the world, China’s effective control of the epidemic, growing demand for high-end service industries, and efforts to create a fairer business environment for foreign capital are all reasons why foreign capital has accelerated its entry into the Chinese market!
Source: International Online