Meng Wei, spokesperson for the NDRC, gives remarks at a press conference on Tuesday. Photo: Yin Yeping/GT

China's top economic development planner said on Tuesday that the negative list for foreign investment market access in 2020 will be further revised to allow wholly foreign-owned enterprises in more sectors, as part of the move to expand the opening-up process.

The government will reform the foreign investment management system, simplify the approval process and provide better services for foreign investment projects, the National Development and Reform Commission (NDRC) told reporters at a press conference on Tuesday.

Despite the complex and uncertain external environment, foreign investment into China increased by 2.6 percent in the first 11 months of this year, with a rise in foreign investment projects worth billions of US dollars each, said Meng Wei, spokesperson for the NDRC.

Germany-based BASF officially launched its largest overseas investment, a petrochemical project, in Zhanjiang, Guangdong Province last month. This is China's first large-scale, wholly foreign-owned petrochemical integration project, marking a new step in China-Germany cooperation in the manufacturing sector.

In an interview with the Global Times on Tuesday, Stephan Kothrade, BASF president of functions Asia Pacific, said that in the past five years the Chinese government has been committed to enhancing efficiency.

"As a multinational company with an extensive footprint in China, BASF has benefited from the simplified processes and opening of market access," Kothrade said.

In addition to BASF, the Tesla electric vehicle project in Shanghai is one of the largest overseas investment projects in China, and is also Tesla's biggest overseas investment.

Construction started in January and production began at the factory near the end of 2019. This has been called "China speed" by many netizens, which fully reflects the effective combination of enterprise investment intentions and government efficiency.

With the optimization of the foreign investment environment in China, more foreign-funded projects are expected to be launched in sectors including new energy and information, according to the NDRC.

"We will continue to work with relevant parties to improve the environment for foreign investment and to make progress in China's new round of opening-up," Meng said.

China's foreign investment law and business environment optimization law are scheduled to take effect on January 1, 2020, when relevant regulations will also be implemented.

Mei Xinyu, a research fellow at the Ministry of Commerce's Chinese Academy of International Trade and Economic Cooperation, told the Global Times on Tuesday that autos and finance are sectors that are likely to see a relaxation of rules.

The China Securities Regulatory Commission said in an official announcement in October that the restrictions on foreign equity ownership of companies in fund management, securities and futures will be abolished in 2020.