More FTZ advantage for foreign companies
Print Edition
CHINA yesterday unveiled rules that will allow foreign companies based in the Shanghai pilot free trade zone to invest in value-added telecom services, the latest move in opening up the country’s telecom sector.
Foreign enterprises in the zone with a registered capital of no less than 1 million yuan (US$161,000) can apply for investment in the value-added telecom business sector, according to a regulation released by the Ministry of Industry and Information Technology yesterday.
Enterprises that apply for the services are required to base their service facilities in the FTZ, the regulation said.
The ministry also simplified approval procedures and has designated the Shanghai Communications Administration, the city’s telecom regulator, to handle the vetting procedures, cutting the processing time to two months from the previous five months.
China has already opened up the information sector and application store service with a 50 percent cap in foreign stake, as part of its commitment to the World Trade Organization.
The ministry also proposed opening up new business fields in the zone, including call centers, domestic multi-party communication services and Internet access services. Foreign companies will be allowed to provide these services to the whole country, except for Internet access services that will be limited within the FTZ.
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