On December 28, Guangzhou adopted the Measures for Promoting the High-quality Development of Foreign Investment (hereinafter referred to as the Measures).
Its goal is to offer services throughout the entire process of foreign investment through the use of 20 measures from six aspects, such as the acceleration of opening-up at a higher level, increase of fiscal and tax support, facilitation of investment, and development of financial support.
These measures will further optimize the business environment for foreign investment in Guangzhou and provide institutional guarantees for foreign businesses in the city.
Increase the use of foreign investment in manufacturing
From January to November of this year, Guangzhou has seen a 78.5 percent increase in the amount of paid-in foreign investment in manufacturing with 44.5 percent in high-tech industries, where high-tech manufacturing has doubled in growth, and the high-tech service industry has increased by 13.2%.
To promote the high-quality development of foreign investment, the Measures stresses the utilization of more foreign investment in manufacturing, stabilization of the supply chain and industrial chain of foreign-funded manufacturing, and promotion of the integration of the service industry and manufacturing. It gears foreign investment towards a more green and low-carbon direction and drives the Nansha Area of Guangdong Pilot Free Trade Zone, national economic and technological development zones, and other key open platforms to better leverage foreign investment.
Foreign investment will be especially directed into manufacturing, including new-generation information technology, artificial intelligence, new energy vehicles, high-end equipment, biomedicine and health, new materials and fine chemicals, etc., to improve the level of the industrial and supply chains and advance the high-quality growth of manufacturing.
Emphasis on the foreign investment facilitation and the entire-process service guarantee
Notably, the Measures highlights the facilitation of foreign investment and the entire process service guarantee, and it focuses on the entire process from introduction and implementation to reaching target output and operation of foreign-funded businesses. It involves many aspects including financial and tax support, business registration, land and electricity, logistics and customs clearance, finance and foreign exchange, talent pool, and entry and exit facilitation.
For market access, it simplifies the procedures of examination and approval, better connects cross-boundary service systems of business registration between Guangzhou and Hong Kong and Macao. For entry and exit facilitation, customs clearance for goods will be more efficient, and scientific research equipment and consumables will be facilitated to cross the border more freely for foreign-invested businesses.
In terms of financial support, high-level cross-border RMB facilitation policies will be provided with simplified procedures for payment of foreign exchange income from the capital account of businesses and facilitated use of foreign exchange investment funds.
Regarding the talent pool, benefits will be offered in entry and exit, stay and residency for foreign high-level talents, foreign senior managers, foreign members of innovation and entrepreneurship teams, foreign technical personnel, and those who come to Guangzhou for necessary economic and trade activities, and their family members.
The Measures also makes it clear that the protection of foreign investor rights and interests will be strengthened and imposes stiffer penalties on foreign-related intellectual property rights infringement.
The foreign investment service system will be improved. By implementing a direct contact mechanism for multinational companies, strengthening the role of foreign investment special working mechanisms, and building foreign investment service workstations, Guangzhou will serve foreign investment better and more efficiently.
(GDToday)
