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Investment rules to be eased in 3 new FTZs
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THE Chinese government has been authorized to ease investment rules in three new free trade zones after the top legislature gave the go-ahead during a bi-monthly meeting yesterday.
The new zones will be located in Guangdong and Fujian provinces, and Tianjin. The only FTZ now operating is in Shanghai.
The resolution on temporary adjustment of regulations for administrative approvals in the new FTZs was passed through a vote at the bi-monthly session of the National People’s Congress Standing Committee.
According to the resolution, foreign companies will not need government approval to set up ventures in these FTZs, shut down and merge ventures or change their business purpose. Instead, they will only need to report business plans to the authorities.
These preferential policies conflict with 12 articles out of four laws on foreign companies, Sino-foreign joint ventures and Taiwan investors so the legislature authorized the State Council to adjust the implementation in the FTZs.
The temporary adjustment will begin in March and will last for three years, according to the resolution.
After three years, the State Council will assess the adjustment and decide whether to propose a law revision or return to the original regulations.
Earlier this month, the State Council announced that China plans to establish three new FTZs and expand the Shanghai FTZ in an attempt to reform the administrative system and improve the market environment.
Since the launch of the Shanghai FTZ in September 2013, the government has used it to test a number of new policies, including negative list management on foreign investment, preferential trade and financial policies, and opening up more industries to foreign investors.
“The practice (in the Shanghai FTZ) can be copied and applied elsewhere,” said Commerce Minister Gao Hucheng, when explaining the draft resolution on behalf of the State Council to lawmakers on Friday.
Through the expansion of the Shanghai FTZ and the addition of new zones, reform policies can be tested in a larger geographic area and on a bigger scale, Gao said.
Under the resolution, the 116.2-square-kilometer Guangdong FTZ will include zones in Guangzhou, Shenzhen and Zhuhai.
The 119.9-square-kilometer Tianjin FTZ will comprise three sections around the Tianjin Port, Tianjin Airport and the Binhai New Area industrial park.
The 118.04-square-meter Fujian FTZ will include industrial areas in the provincial capital of Fuzhou, Xiamen and Pingtan, a new industrial park targeting Taiwan investment.
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