New rules on foreign investment
Source: Xinhua |
April 14, 2010, Wednesday
|
Print Edition
Print Edition
THE State Council, China's Cabinet, released new regulations on overseas investment yesterday, promising good business conditions but restricting funds to environmentally unsound projects.
Under the rules, China will still welcome foreign investment in high-tech industries, services sectors, energy-saving and environmental protection, but polluting and energy-gorging projects in industries running at overcapacity are not wanted.
China will continue to support Chinese A-share listed companies in further introducing strategic investors from home and abroad, and standardize foreign companies' investment in domestic securities and corporate merger and acquisition moves.
A national security examination mechanism will be built as soon as possible for foreign-funded companies' merger and acquisition operations in China.
Qualified foreign-funded companies are allowed to go public, issue corporate bonds or medium-term bills in China. Multinationals are encouraged to set up regional headquarters, research and development centers, procurement hubs, financial management and other offices.
Importing items for scientific and technological development by qualified foreign-funded R&D centers will be exempt from tariffs, importing value-added tax and goods and services tax by the end of 2010.
Foreign-funded enterprises are encouraged to increase investment in China's central and western regions, particularly in environment friendly and labor-intensive companies.
Under the rules, China will still welcome foreign investment in high-tech industries, services sectors, energy-saving and environmental protection, but polluting and energy-gorging projects in industries running at overcapacity are not wanted.
China will continue to support Chinese A-share listed companies in further introducing strategic investors from home and abroad, and standardize foreign companies' investment in domestic securities and corporate merger and acquisition moves.
A national security examination mechanism will be built as soon as possible for foreign-funded companies' merger and acquisition operations in China.
Qualified foreign-funded companies are allowed to go public, issue corporate bonds or medium-term bills in China. Multinationals are encouraged to set up regional headquarters, research and development centers, procurement hubs, financial management and other offices.
Importing items for scientific and technological development by qualified foreign-funded R&D centers will be exempt from tariffs, importing value-added tax and goods and services tax by the end of 2010.
Foreign-funded enterprises are encouraged to increase investment in China's central and western regions, particularly in environment friendly and labor-intensive companies.
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