Easier rules in FTZ quicken setting up of foreign firms
Print Edition
More than 80 percent of newly set-up foreign-invested companies in Shanghai’s pilot free trade zone do not need administrative approval due to easier investment rules following a negative list applicable in the zone, the management committee said yesterday.
As of October 29, 24 of the 29 companies applying to set up only needed to file records with the committee instead of seeking administrative approval from government departments, it said in a statement yesterday.
Easier investment rules were adopted in the FTZ since a negative list system took effect on September 30, identifying industries which are banned or have restrictions on foreign investment.
Those not on the list will be fully opened to foreign investors without having to seek government approval.
“The system meets international practices with unprecedented openness and transparency in China,” the statement said. “The record-filing system enhances administrative efficiency, encourages a transition in the role of the government, and effectively prevents risks.”
The Shanghai government published a list of over 1,000 banned and restricted sectors, which include gambling, pornography, weaponry, media, investment banks and insurance.
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