Foreign investment rules outlined
Print Edition
CHINA released an outline for managing foreign investments in the pilot free trade zones yesterday.
The outline includes 20 detailed rules that determine where and how foreign companies can file their information to join the FTZs, as well as supervision measures, according to the announcement on the Ministry of Commerce website.
Several improvements to further facilitate foreign investment in the FTZs are included.
Foreign firms are no longer required to put their contracts or constitution on government record as a prerequisite to set up or change their registration.
All foreign investors in the FTZs are obliged to submit annual reports to help with management of the zones.
A file system will be established to ensure transparency and information sharing among administrative departments.
The plan also introduced more detailed supervision and inspection rules for foreign enterprises, clarifying who will be responsible for inspection, what methods they will use and what contents can be inspected, as well as penalties.
The rules are based on the administrative measures used in the first FTZ in Shanghai, which was set up in September 2013. The Shanghai FTZ was designed to streamline the overloaded administrative approval system and promote innovation and globalization.
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