Recently, Guangdong published a plan with 30 measures in improving commercial system, evaluating construction projects, investment management, facilitation of trade, incentives and protection of entrepreneurship, market regulation.
Terms related to running business here are one of the highlights included in the plan, such as expanding market access for investors and reducing procedures for business approval.
In terms of attracting foreign investment, the province will adopt a shortened negative list, with the number of items down to 48 from 63 in the previous version.
The new list widens market access for foreign investment in primary, secondary as well as tertiary sectors, detailing 22 opening-up measures in fields including finance, transportation, professional services, infrastructure, energy and agriculture.
In the new plan, the time needed for opening a business will be reduced to within five days, foreign investment registration beyond the negative list will take only one day.
The procedures that a new firm needs to go through will be further streamlined into four steps, and the whole business registration process can be conducted online, according to Guangdong administration of industry and commerce
As for the construction projects, the time needed for government approval will be shortened to within 100 workdays
“I am glad to see Guangdong has made effort to improve its business environment, which is of great importance to continue attracting multinational companies,” said Lai Yongge, vice president of TE Connectivity.
In addition, issues about property rights and intellectual property rights protection are stressed in the plan. More Intellectual property courts and litigation service centers will be set up.
Reported by Will
Edited by Wing
