China is opening more industries up to foreign investors with the release of new shortened negative lists, as part of the country's effort to spur on the coronavirus-hit economy and create more opportunities for foreign investors.

Negative lists indicate areas where investment is prohibited or restricted, and all other areas are presumed to be open. The National Development and Reform Commission and the Ministry of Commerce have jointly released two updated negative lists for 2020, which will take effect on July 23. The number of items on the nationwide list has been cut from 40 to 33, while the list for free trade zones has 30 items, down from 37.

The new move demonstrates China's firm stance on supporting economic globalization and cross-border investment, which will further improve the business environment for foreign enterprises and promote high-quality growth through greater openness, according to the NDRC.