Jiading speeds up reform process
Print Edition
The Jiading District government has accelerated its pace in the reform of investment management as a plan has been introduced to initiate cooperation with the China (Shanghai) Pilot Free Trade Zone.
In the past, foreign investors had to go through a series of processes with much paperwork to submit. It usually took a long time before they were granted approval from the government. However, the domestic invested projects only needed to be put on file before kicking off. In order to improve the administrative efficiency for foreign-funded projects, Jiading has adopted a new system 鈥 a signed letter of commitment with supporting documents in a standardized format for approval, as the first district in Shanghai to do so.
The system requires applicant foreign companies to use the same format of application forms, contracts and codes of conduct in their supporting materials. By reducing paperwork and simplifying administrative procedures, the measure provides solid groundwork for efficiency improvement and the adoption of a standardized approval system.
According to the reform plan, Jiading will establish an overseas investment platform with complete services to encourage local companies to invest abroad more easily. Although the detailed plan has not been introduced, the platform is expected to provide comprehensive services to 鈥済oing out鈥 enterprises, which will also be free of charge.
Meanwhile, the platform will have overseas associations and institutions on board to provide latest information of investment environment and projects abroad for local companies.
With support from the Shanghai FTZ, Jiading will step up the opening up of the industries of modern services and advanced manufacturing.
It plans to establish a work mechanism with higher level of opening up, convenience and efficiency, and build a district that pioneers in self-innovation.
The district will strive to attract high-quality domestic and overseas projects.
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