Foreigners Can Set Up Wholly Owned Ventures & Own Free Land!
The Guangdong government revealed a slew of new measures Monday to help manufacturing enterprises in the province lower their costs by as much as 200 billion yuan (US$29 billion) between 2018 and 2020.
The 61 measures will lower manufacturing costs across 10 significant areas, including taxation, land cost, utilities, social insurance and transportation, with the aim of helping enterprises in Guangdong accelerate their development.
The measures also provide subsidies for technological upgrades and advantageous policies that offer assistance to SMEs with financing issues.
Follow President Xi’s initiative
Zhong Xuanhui, deputy secretary general of the Guangdong Provincial Government, said these new measures showcased Guangdong’s efforts to follow President Xi’s initiative and push forward the province’s industrial reform and real economic development.
Updated foreign direct investment rules
Last Thursday, Guangdong, the center of China’s export industry, released updated foreign direct investment rules to woo foreign investors.
The rules give foreign investors additional incentives to set up plants in the Pearl River Delta.
In July, China granted German chemical giant BASF permission to build a plant in Zhanjiang, Guangdong, with a total investment of US$10 billion. The project is one of the first in which a foreign investor has full ownership without a local partner.