Current AffairsWorld

China’s ‘ease of doing business’ aimed at increasing foreign investment

Beijing, Sep 26 (UNI) The Chinese government is set to introduce more measures to ease the delivery of major foreign-invested projects and lower tariffs on some imported goods and make the customs clearance procedures efficient at a faster pace.

The new initiative was decided at the State Council executive meeting presided over by Premier Li Keqiang on Wednesday, according to Xinhua.

The measures aim to expand opening-up and foster a fairer, more convenient and more enabling environment for foreign investment.

The Chinese government places high importance on foreign investment facilitation.

Premier Li has underlined on many occasions the pledge to widen market access, accord equal treatment to Chinese and foreign companies, more effectively protect intellectual property rights, and better facilitate foreign investments in China.

It was decided at the Wednesday meeting that an online filing process will be introduced in regulating foreign investment in China. Unified market access criteria will be applied to both Chinese and foreign investment in areas outside of the negative list.

Large-scale foreign investments eligible for major project development schemes will receive support on land and sea-use approval procedures and accelerated environmental impact assessment and their logistics costs will be reduced.

More areas will be open to foreign investment. The withholding tax deferral policy for reinvestment by foreign investors in China will be expanded from the designated encouraged projects to any areas and projects that are not prohibited.

The meeting also called for intensified protection of intellectual property rights, the agency added.

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