The General Office of the Chongqing Municipal People's Government has issued the Implementation Plan for Further Enhancing the Foreign Investment Environment and Strengthening Efforts to Attract Foreign Investment in Chongqing. On May 20th, the Chongqing Municipal Commission of Commerce provided an interpretation of the plan, emphasizing its commitment to establishing a market-oriented, rule-of-law-based, and globally competitive business environment that will attract and harness foreign investment.
Improve Foreign Investment Utilization
The plan proposes: Enhancing the intensity of foreign investment introduction in key sectors, Leveraging the comprehensive pilot demonstration role of the service industry in expanding opening up, Diversifying channels for attracting foreign investment, Facilitating the gradual transfer of foreign-invested enterprises, and refining mechanisms for promoting construction of foreign-funded projects. These encompass five measures comprising a total of 15 specific actions aimed at expanding both breadth and depth in extending openness to the outside world.
The Provision of National Treatment should be Ensured for Foreign-invested Enterprises
On the basis of strictly implementing various policies of the Ministry of Finance, Chongqing proposes three measures and five provisions to ensure that foreign-invested enterprises participate in government procurement activities in accordance with the law, support their equal participation in standard-setting work, and ensure that they enjoy equal access to supportive policies.
The Enhancement of Safeguards for Foreign Investment
The protection of intellectual property rights for foreign businesses will receive significant attention, with a focus on proposing mechanisms to safeguard the interests of foreign investment, strengthening administrative protection for intellectual property rights, enhancing enforcement efforts in administrative law enforcement for intellectual property rights, and standardizing the formulation of policies and regulations related to foreign economic and trade affairs through four measures and nine specific actions.
Reinforce Financial and Tax Assistance
To facilitate the implementation of foreign investment projects, reduce enterprise financing costs, and enhance financial support for attracting foreign investment, Chongqing propose four measures encompassing a total of seven provisions. These measures entail incentivizing reinvestment by foreign-invested enterprises in China, implementing relevant tax benefits for such enterprises, and providing support for their investments in sectors encouraged by national development policies.
Improve Investment and Operational Facilitation
To facilitate the entry and exit of foreign nationals, enhance data exchange for foreign-invested enterprises, and improve law enforcement inspections, among other key concerns for foreign businesses, Chongqing will optimise the residence policy for foreign employees in foreign-invested enterprises. It will explore a secure management mechanism that facilitates cross-border data flow and coordinate efforts to enhance law enforcement inspections for foreign-invested enterprises. Additionally, our aim is to strengthen services and support provided to these enterprises through four measures consisting of nine specific actions.
The Enhancement of Strategies for Facilitating Foreign Investment
The proposal includes four measures and six specific actions to actively conduct investment promotion activities, enhance the mechanism for attracting investments, facilitate overseas investment promotion efforts, expand channels for promoting foreign investments, and optimize the evaluation of foreign investment promotion.
Chinese Article and Photos Source:
Chongqing Municipal Commerce Commission, Chongqing News