Illustration: Xia Qing/GT
China’s Ministry of Culture and Tourism (MCT) recently relaxed ownership limits for foreign ownership of entertainment venues in China. Foreign investors will be allowed to establish wholly owned enterprises and have same approval procedures as domestic investors, according to a statement published on MCT’s site.
China’s tourism industry is making progress towards substantially widening market access for foreign investment. The implementation of the new rules for entertainment companies will further streamline administrative procedures for foreign investments and provide equal treatment to foreign businesses as domestic state-owned and private enterprises.
In fact, China’s tourism and entertainment industries have become a relatively mature sector with a growing number of competitive local enterprises. For foreign companies that have already deeply integrated into the Chinese market, especially those with established brand advantages, the new rules are…