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Jing'an District streamlines process for registering foreign investment
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SHANGHAI'S Jing'an District has started to offer streamlined services for registration of foreign investment as a pilot in downtown areas making use of the experience in the city's free trade zone, authorities said today.
Under the new rules, foreign investors can expect the examination period to be halved to four days with presentation of five documents, compared with the former 11 documents, when applying for Jing'an government approval of an investment.
Also following the practice of the negative list in the China (Shanghai) Pilot Free Trade Zone, Jing'an District has changed the previous rules of examining the applications case by case, and simplified the process for those not on the negative list.
"It can save a lot of work for the government and enable us to spend more efforts on better serving investors," said Jing'an District Director Pan Min.
He said Jing'an was chosen as the pilot because the district has a strong willingness to reform due to its limited land and fierce competition it faces.
Gu Jun, vice chairman of the Shanghai Commission of Commerce, said the trial was part of Shanghai's plan of accelerating reforms in managing foreign investment.
"If it works well in Jing'an, we will expand the trial to more areas in the city," Gu said.
Shanghai's foreign direct investment increased 7.3 percent from a year earlier to US$1.62 billion in May, compared with a contraction of 6.7 percent nationwide.
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