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China removes foreign trade restrictions on large-scale theme park projects
POSTED 20 Jun 2017 . BY Tom Anstey
China has removed restrictions on foreign investment in large-scale theme park projects, opening up the possibility for new developments in what is already a hotbed for theme parks under development.

China’s leaders have previously pledged to open the country’s economy – the second largest in the world – to wider foreign investment.

At the end of March, China’s State Council approved the establishment of seven new free trade zones to prepare for the further opening up of its economy. The zones are areas where goods may be landed, handled, manufactured and re-exported without intervention of the customs authority. China now has 11 such zones.

A total of 27 restrictions have been removed from the country’s negative list for foreign investment in these areas, including large theme park projects. Under the new regulations, would-be theme park developers will no longer have to enter a joint venture with Chinese partners or let the Chinese partner take the majority share to establish an attraction.

As its theme park sector continues to thrive, China predicts spending at its parks to reach nearly US$12bn (€10.7bn, £9.5bn) by 2020, with visitor numbers surpassing 330 million people. As Chinese disposable income rises, attractions are reaping the rewards, with tourism numbers increasing as more leisure opportunities become available to tourists.

As of the end of 2015, China had 59 parks planned or under construction. This explosion in theme park development in the country is due in part to the Chinese government lifting a ban on theme park approval in 2013, enabling parks under US$800m (€717m, £633m) to be approved at a provincial level, encouraging further investors.

In 2013, there were 190 items on the list. This was reduced to 139 in 2014, and to 122 in the previous 2015 update. The list now stands at 95 items.

Other previously restricted sectors affected by the move also include precious metals, Internet access services and credit rating services. Banking rules, which in the past prohibited foreign banks from underwriting Chinese government bonds, have also been eased.
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NEWS
China removes foreign trade restrictions on large-scale theme park projects
POSTED 20 Jun 2017 . BY Tom Anstey
China has removed restrictions on foreign investment in large-scale theme park projects, opening up the possibility for new developments in what is already a hotbed for theme parks under development.

China’s leaders have previously pledged to open the country’s economy – the second largest in the world – to wider foreign investment.

At the end of March, China’s State Council approved the establishment of seven new free trade zones to prepare for the further opening up of its economy. The zones are areas where goods may be landed, handled, manufactured and re-exported without intervention of the customs authority. China now has 11 such zones.

A total of 27 restrictions have been removed from the country’s negative list for foreign investment in these areas, including large theme park projects. Under the new regulations, would-be theme park developers will no longer have to enter a joint venture with Chinese partners or let the Chinese partner take the majority share to establish an attraction.

As its theme park sector continues to thrive, China predicts spending at its parks to reach nearly US$12bn (€10.7bn, £9.5bn) by 2020, with visitor numbers surpassing 330 million people. As Chinese disposable income rises, attractions are reaping the rewards, with tourism numbers increasing as more leisure opportunities become available to tourists.

As of the end of 2015, China had 59 parks planned or under construction. This explosion in theme park development in the country is due in part to the Chinese government lifting a ban on theme park approval in 2013, enabling parks under US$800m (€717m, £633m) to be approved at a provincial level, encouraging further investors.

In 2013, there were 190 items on the list. This was reduced to 139 in 2014, and to 122 in the previous 2015 update. The list now stands at 95 items.

Other previously restricted sectors affected by the move also include precious metals, Internet access services and credit rating services. Banking rules, which in the past prohibited foreign banks from underwriting Chinese government bonds, have also been eased.
RELATED STORIES
China theme park boom driving Asian tourism, says Global Trends Report


China’s theme park boom has been identified as a major trend for Asia in this year’s edition of the Global Trends Report, with new developments and an emerging middle class driving tourism in the region.
Ferrari inks deal for China theme park


Ferrari has signed a non-binding agreement with a Chinese property developer to build the luxury car-maker’s first theme park in China.
Visions of China theme park developers sign deal with Rotherham council


The Visions of China theme park, planned for a former opencast coal mine in the Rother Valley Country Park, is one step closer to development with a lease agreement signed between the local council and developers.
MORE NEWS
£15m waterpark opens in Wales ahead of Easter weekend
A new £15m (US$19.5m, €17.3m) waterpark has opened its doors to the public in Rhyl, Wales, with three flumes for thrillseekers to enjoy.
Elton John makes significant V&A donation for photography collaboration
London’s V&A Museum has announced a partnership with Elton John and his husband, David Furnish, that will see its Gallery 101 in the newly opened V&A Photography Centre renamed 'The Sir Elton John and David Furnish Gallery'.
Climate Emergency campaign draws support from UK culture sector
More than 190 UK institutions and individuals from the arts and culture sectors have pledged their support to Culture Declares Emergency (CDE), which is part of the Climate Emergency Declaration campaign.
Disney makes US$5m donation to Notre-Dame rebuild following blaze
Disney has donated US$5m (€4.4m, £3.8m) toward the restoration efforts of Notre-Dame Cathedral, following the huge fire that destroyed much of the iconic landmark in Paris.
+ More news   
LATEST JOBS
Sales and Marketing Manager
Continuum Attractions
Salary: Up to £24,000
Job location: Oxford, UK
Head of Cultural and Community Services
South Derbyshire District Council
Salary: Up to £65,000
Job location: Derbyshire, UK
Attraction Operations Manager
Legoland Discovery Centre
Salary: Competitive
Job location: Tempe, Arizona, USA
Customer Relationship Manager
Merlin Entertainments Group
Salary: Competitive
Job location: Sydney NSW, Australia
Regional HSS Manager (Asia)
Merlin Entertainments Group
Salary: Competitive
Job location: Shanghai, China
Assistant Director Visitor and Site Operations
Eureka
Salary: Circa £42,000 per annum
Job location: Halifax, UK
+ More jobs  
 


ADVERTISE . CONTACT US

Leisure Media, Portmill House, Portmill Lane,
Hitchin, Hertfordshire SG5 1DJ Tel: +44 (0)1462 431385

©Cybertrek 2019

ABOUT LEISURE MEDIA
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