(Yicai Global) May 31 -- China's new negative list for foreign investment is in the works and will be released before June 30, said China's commerce ministry, as authorities in the world's second-largest economy step up efforts for reform and further opening.

In the new list, which identifies areas that are not open to foreign investors, investment restrictions will be relaxed for energy, resources, infrastructure and trade service businesses in addition to finance and automobile, said Gao Feng, spokesman for the ministry, in a regular press briefing today.

The list will specify a transitional period for domestic businesses, as well as deregulation measures planned for the next few years.

China will complete the amendment of the negative list for foreign investors by July 1, said the State Council, China's cabinet, yesterday. It will delegate the authority to approve and regulate foreign companies' investments of up to USD1 billion made in accordance with the new list to provincial-level governments.

Editor: Mevlut Katik