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China builds better business environment with solid measures

Updated: Aug 16,2017 5:13 PM

The State Council’s latest circular urged governments and departments to build a legal, international and convenient environment for foreign businesses, through continued efforts in supply-side reform, administrative streamlining and service optimization.

According to the circular, pre-establishment national treatment and negative list management will be rolled out nationwide at a quick pace.

Meanwhile, the schedules and roadmaps for opening new energy vehicles, ship designs, airplane maintenance and international marine transportation will be developed. It will also include designs for railway passenger transportation, gas stations, banking, securities and insurance.

The circular also encouraged foreign investors to expand their investment, setting up regional headquarters in China, through better fiscal and tax policies.

Preferential corporate income tax policies for advanced service enterprises in pilot cities will also be implemented across the nation, guiding foreign capital to high-tech and high value-added services.

In addition, China will support national development zones in the western and northeastern regions to build better business environments in order to accept high-end manufacturing.

National development zones elsewhere have further been encouraged to take the lead in administrative reform and service optimization, and the circular stated the nation will offer support in land use and expansion of eligible zones.

In terms of human resources, the circular pledged more convenient procedures for work permits of foreign talent and visas of longer terms, from five to 10 years.

More work should also be done to optimize laws on foreign investment, with effective systems in place to deal with complaints by foreign enterprises, according to the circular.

The nation will also guarantee free remittance of legal incomes of foreign investors, protecting their intellectual property rights and encouraging them to join in the restructure of domestic enterprises.

While building a competitive environment for research centers of foreign enterprises, governments at all levels should keep the continuity and stability of policies, the circular stated.