Guangdong will accelerate major foreign investment projects to attract foreign investment, according to a policy package of 131 specific measures on six fronts to further stabilize the economy unveiled on June 1.
[Photo: Nanfang Daily]
The package, which is in line with a circular issued by the State Council on May 31, covers fiscal, monetary, and financial policies as well as policies on investment, consumption, food and energy security, industrial and supply chains, and people's livelihoods.
ExxonMobil Huizhou Ethylene Project, BASF Guangdong Verbund Site Project, and CNOOC-Shell phase III Ethylene Project will be expedited, and the mechanism of the “chain leader” system in 20 strategic industrial clusters will be implemented to attract further investment.
Guangdong will continue organizing Guangdong-Hong Kong-Macao Greater Bay Area global investment promotion conference and the economic and trade cooperation and exchange meetings between cities in the Pearl River Delta region and the eastern, western, and northern areas of the province.
According to the catalogue of favored industries for foreign investment, more foreign investors are welcomed to the fields of advanced manufacturing and S&T innovation. After the project information under the catalogue confirmed by government authorities, foreign businesses can apply for tax exemption and rebate directly at the customs.
The province will support foreign investors to establish high-tech R&D centers. Those certified foreign R&D centers and imported R&D products will be exempted from customs duties, import value-added tax, and consumption tax.
Furthermore, special fund will be granted to foreign R&D institutions identified as new R&D organizations at the provincial level and the post-doctoral workstation, as well as the approved innovation platform of provincial-level enterprises’ technology center developed by foreign R&D institutions in accordance with regulations.
Fortune Global 500 companies and global leading businesses in different industries will get tailored support when setting up new foreign-funded R&D branches as an independent legal person.
Guangdong will further expand enterprises' cross-border financing channels and support eligible high-tech and emerging tech companies to carry out trails on the facilitation of foreign debt quotas, apart from giving full play to the one-stop service mechanism of multinational corporations (MNCs), enhancing communication with foreign chambers and enterprises, and holding a series of online and offline investment promotion activities together with foreign chambers, business associations, and investment promotion institutions in China.
It will study and improve the guidelines for pandemic prevention and control to help foreign businesspeople come to Guangdong, as well as facilitate the entry of foreign employees and their families stationed in the province by foreign-funded enterprises, global executives and professional technicians who are engaged in important business activities, and important overseas clients of foreign trade enterprises to China.
In addition, the province will step up efforts to help pandemic-stricken sectors like the civil aviation industry, to resume international flights so as to facilitate people-to-people exchanges and international economic cooperation.
Author | Fanny
Editor | Wing, Steven, Will, Jerry
