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18 service sectors open to foreign, private capital
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According to the blueprint, 18 service sectors will open wider to foreign and private capital ranging from finance, shipping, commerce to culture.
Foreign companies will be permitted to conduct “a portion of specific types of telecommunications value-added business on condition of ensuring information security.”
Specifically, this means foreign companies can establish call centers, provide Internet information and related software technology services in the pilot zone.
They are also allowed to produce and sell video game gadgets in China, providing the contents pass the country’s censorship.
In addition, foreign travel agencies registered in the FTZ can conduct overseas trip business except to Taiwan. Entertainment agencies will be allowed, for the first time, to solely provide performance brokerage business in Shanghai.
Foreign companies could also team up with Chinese partners to open educational and vocational training, provide health care insurance services, and establish independent medical institutions.
“The highlight of the Shanghai FTZ is that it is an open platform where foreign and Chinese companies can compete on a level-playing field,” said Shen Minggao, chief economist at Citibank.
Taxation policies that seek to boost investment and trade will be implemented in the zone, according to the plan. Companies and individuals can pay income taxes by installment for the added value from non-currency asset outbound investment.
Subsidiary firms established by zone-based financial leasing companies will be included in the tax rebate program.
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