China unveils plan to further open economy to foreign investments

Move comes as Xi Jinping seeks to project China as a leader in combating rising global protectionism

China’s State Council, the country’s Cabinet, issued on Tuesday new measures to further open the world’s second-largest economy to foreign investment, including easing restrictions on investment in banks and other financial institutions.

The move comes as President Xi Jinping seeks to project China as a leader in combating increasing global protectionism.

Xi defended globalisation in a speech at the World Economic Forum in Davos on Tuesday amid mounting public hostility in the West. China itself, however, has been the target of complaints from foreign business groups who have criticised its slow pace of market reforms and say its national security regulations and