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. © Image | GDCommerce Lower manufacturing costs 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. © Image | Google Facilitate structural reform The new measures will also help manufacturing enterprises facilitate structural reform and offer support to key industries such as New-generation information technology; High-end equipment manufacturing; Digital economy; Low-carbon economy; New materials; Bio-medicine. © Image | Google 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. © Image | Google According to the rules, for the first time Guangdong will Allow foreign investors to set up wholly owned ventures for the manufacturing of new-energy vehicles, aircraft, drones and other high-end products. Previously, foreign firms wishing to operate in these sectors in the province were required to have a local joint venture partner. © Image | Google The government has also promised to provide free land for any project with an investment of more than 2 billion yuan. Foreign investment in GD In the first half of this year, Guangdong has seen an actual use of 79 billion yuan of foreign investment, according to the provincial government data. © Image | Google 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.
Tag Archives: Foreigners
Attention! Foreigners Illegal Employment To Be Fined 5,100RMB!
On the morning of September 8, Shimen Police Station of Jinxi County Public Security Bureau received a report that a foreigner was working as a foreign teacher in a Bilingual Kindergarten in Xiugu town, Jinxi County, according to the New Legal report. © Image | Google What happen? After receiving the alarm, Shimen Police Station immediately contacted Xiugu Police Station to jointly rush to the Bilingual Kindergarten for investigation. © Image | Google The foreigner, identified by police as a Nigerian, is now an exchange student at Jiangxi University of Finance and Economics. The man came to two Kindergartens in Jinxi County from Nanchang to engage in teaching activities. Punishment The man’s behavior violated the provisions of article 80, paragraph 1, of Law of the People’s Republic of China on the Administration of Entry and Exit, and he was suspected of illegal employment. © Image | Baidu The police fined the man 5,100 yuan according to law. Attention!!! We would like to warn all foreigners that not to work illegally in China. Maybe you will be fined or you will be deported! © Image | Google
Foreigners Can Trade A-shares Next Month!
China has approved regulation amendments, allowing qualified individual foreign investors to open securities accounts to trade A-shares next month. Image | Google The updated regulation, which will take effect on Sept. 15, will allow foreign individuals working in the Chinese mainland to open A-share trading accounts, a move to further open up the securities market, according to the China Securities Regulatory Commission (CSRC). The move will expand the investor base, introduce more liquidity and improve the structure of the securities market, the CSRC said on its website. Eligible foreign investors must come from countries or regions that have established regulatory cooperation mechanisms with the CSRC, according to a separate statement issued by the China Securities Depository and Clearing Corporation (CSDC). Starting from Sept. 15, qualified foreigners can apply for A-share securities accounts by submitting application materials, including an application form for starting security accounts, a passport and its copy, and proof of employment issued by a domestic institution. The CSRC also expanded the equity incentive objects of foreigners working at companies listed on the A-share market from those working in the mainland to all foreign employees. In April 2013, the A-share market was opened to residents from Hong Kong, Macao, and Taiwan who work or live in the mainland. By the end of July, 125,000 qualified residents from these regions have opened A-share securities accounts, according to data from the CSDC. Share to let your friends know!