China has rolled out the 20 measures friendly to foreigners that invest or work in the country last week, saying that it will open up more sectors and remove business restrictions.
The State Council released the opinions on further improving the utilization of foreign investment on Nov 7, with the aim of promoting high-quality development and unlocking market vitality.
The document puts forward 20 measures in four aspects to safeguard a more “fair, transparent and predictable” business environment for foreign-invested enterprises (FIE).
Foreigners working or doing business in China will soon benefit from the measures. Let’s check the details!
Key words: negative list reduced
To open up more sectors to foreign investors, China will continue to reduce the negative list for foreign investment across the nation and regions beyond pilot free trade zones, and eliminate restrictions that are not on the negative list.
China will accelerate the opening-up of the financial sector and optimize the foreign investment policies for automobiles and other industries.
To build a fair business environment, more efforts will be taken to eliminate institutional obstacles.
The business scope for domestic and foreign enterprises should be unified, and the regulations for foreign investors in offering internet and entertainment services should be perfected according to the release.
FURTHER PROMOTING INVESTMENT
Key words: services and construction improved
To encourage and lead more foreign investment in high and new technology industries, China will optimize guidance and services for related enterprises.
China will improve the construction of pilot free trade zones and bring them to the fore of opening-up.
More provincial-level economic administration approval rights, particularly investment approval and market access, will be released to free trade zones should conditions permit.
Local efforts and investment service platforms will be developed across the country to actively support foreign enterprises.
DEEPENING REFORM OF FACILITATE INVESTMENT
Keyword: easier to work and invest
China will lower the cost of cross-border capital use. Foreign-funded enterprises will be supported to expand the cross-border use of renminbi.
Besides, it will be easier for foreigners to work in China since the limitations on age, education background and work experience will be extended for specific groups of people.
It is notable that those who have successively applied work-type residence permits twice, will soon be allowed to apply for 5-year residence permits according to the opinions.
PROTECTING FOREIGN INVESTORS’ INTERESTS
Key words: implementation of law and policies
China will fully implement the Foreign Investment Law, and establish and improve institutions for accepting complaints.
The country will also strengthen the standardization of the implementation of regulatory policies and make the formulation of regulatory documents more transparent.
China will uphold the role of judicial protection of intellectual property rights (IPR), improve the protection mechanism.
Moreover, the country will build up fair system to support both domestic and foreign enterprises in their fair participation in standardization, and ensure their equal participation in government procurement.
As the policies released, there will soon be detailed local rules and regulations issued and implemented across the country. We’ll stay focus on the issue and share it with you!
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SOURCE | China Gov / Xinhua