Shaanxi Issues New Measures to Boost Foreign Investment
Shaanxi Issues New Measures to Boost Foreign Investment
Date: 2017-11-24

Shaanxi Issues New Measures to Boost Foreign Investment 

 

The General Office of the People’s Government of Shaanxi Province issued the Implementation Plan to Promote Foreign Investment in Shaanxi that provides new measures covering 5 aspects of reducing foreign investment restrictions, formulating fiscal and tax support policies, improving comprehensive investment environment in state-level development zones, facilitating talent entry and exit and optimizing the business environment to further supply-side structural reform, streamline government administration, improve regulations and reduce business transaction costs to create an favorable business environment in Shaanxi for foreign investment.

The Plan specifies that the negative list of foreign investment on trial in China (Shaanxi) Pilot Free Trade Zone will be extended in Shaanxi Province to bring about an open, transparent and standardized investment environment. According to the national opening-up schedule, Shaanxi will actively implement the opening up of 12 sectors such as special vehicle and new energy vehicle manufacturing, ship design, regional and general aircraft maintenance to foreigners.

The Plan also stipulates fiscal and tax support policies that provide favorable policies in corporate income tax for advanced technology-based service enterprises that meet the service outsourcing criteria, attracting more foreign investment to high-tech and high value-added services to optimize foreign investment structure in Shaanxi. In addition, governments of municipal and district levels may, according to law, adopt preferential policies and measures to support multinational enterprises, headquarters, R&D Centers and major projects with investment exceeding USD 1 billion.

According to the Plan, relatively concentrated administrative permission reform pilot areas will be established in state-level development zones in Shaanxi; priority will be given to state-level development zones in construction land use; upgrading from provincial-level development zones to state-level development zones in accordance with certain criterion will be supported and the relocation and expansion of provincial-level development zones in accordance with certain criterion will also be supported; industrial supporting service capacity enhancement in state-level development zones will be welcomed.

The Plan also specifies the implementation of Work Permit Regulations for foreigners working in China to facilitate permit application with streamed approval procedures such as “notification & commitment” and “accepting application with major certificates”. Meanwhile, the foreign visa validity period will be extended; long-term multiple-entry visas (5-10 years) will be granted to foreigners meeting the requirements, and based on which the foreigners may apply for Foreigner’s Work Permit and (Working) Visa/Residence Permit.

Moreover, the Plan adopts measures to: improve the legal system of foreign investment, better foreign investment service, strengthen business and investment inviting, guarantee free outbound remittance of profit by foreign investors, deepen the management information sharing and business coordination of foreign-capital enterprises, encourage foreign investment in optimization and reorganization of domestic enterprises, protect the intellectual property rights of foreign-capital enterprises according to law, enhance the international competitiveness in R&D environment, and maintain stable foreign investment policies.

 

 

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