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May 17, 2018

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Red tape will be cut back for foreign-funded companies

CHINA will streamline procedures for the establishment of foreign-funded companies to promote trade and facilitate investment.

Measures will be taken to dramatically reduce the time foreign firms need for business registration, according to a statement released after a State Council executive meeting presided over by Premier Li Keqiang yesterday.

Effective on June 30, foreign firms will see much easier business filing and registration as the procedures will be finished paperless and free of charge and needs no presence in person.

To facilitate the implementation, banks, customs, taxation and foreign exchange agencies will share business information and coordinate management.

China has been pushing for easier access for foreign investment, with an array of favorable policies rolled out this year.

More than 35,000 foreign-funded businesses were set up on the Chinese mainland last year with direct investment hitting an all-time high of 878 billion yuan (US$140 billion).

The meeting also decided to establish an e-platform for accessing inter-connected government services at the national, provincial and city levels. All government services items will be put on this platform unless the laws otherwise stipulate or for confidentiality reasons.

No less than 90 percent of the services items offered at provincial level and 70 percent at city and county levels will be available online by the end of 2019.

A series of measures will be also be rolled out to reduce logistics costs by more than 12 billion yuan this year.

Land use taxes will be halved for logistics firms that rent land for warehouses from this month to the end of 2019. Vehicle purchase taxes of trailers will be halved during the next three years from July.

Expressway toll stations at provincial boundaries will be gradually removed.


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