Support broad participation of foreign investment in "Made in China 2025"
Release Time:
2022-11-05 16:25
Source:
The "Catalogue for the Guidance of Foreign Investment Industries (2017 Revision)" expands the scope of encouraging policies—
Supporting foreign investment in widely participating in "Made in China 2025"
Sun Jiwen, spokesperson for the Ministry of Commerce, stated on the 29th that the recently released "Catalogue for the Guidance of Foreign Investment Industries (2017 Revision)" represents another significant reform in China's proactive opening to the world and improvement of its investment environment. The new catalogue will better support foreign-invested enterprises in playing a vital role in the development of the real economy.
According to the introduction, the 2017 version of the Catalogue reflects three characteristics: Firstly, it further reduces the scope of approvals for the establishment and changes of foreign-invested enterprises. Except for "domestic companies, enterprises, or natural persons using their legally established or controlled companies overseas to merge and acquire related domestic companies," foreign mergers and acquisitions establishing enterprises and changes not involving special management measures for market access, including strategic investments by foreign investors in listed companies, will be included in the filing management. The Ministry of Commerce will also establish supporting measures simultaneously and issue a revised "Management Measures for the Filing of Establishment and Changes of Foreign-Invested Enterprises" in a timely manner to clarify the filing procedures for mergers and acquisitions establishing enterprises and changes. This will significantly simplify the procedures for foreign-invested mergers and acquisitions, effectively reducing institutional transaction costs.
Secondly, it further relaxes the restrictions on foreign investment access in the service, manufacturing, and mining industries. Restrictive measures are only retained in 63 items, a reduction of 30 items compared to the 93 restrictive measures in the 2015 version of the Catalogue.
Thirdly, it further expands the scope of encouraging policies. The Catalogue includes 348 items under the encouraging category. Compared with the 2015 version of the Catalogue, 6 items were added, and 35 items were modified. Newly added items include the research and development and manufacturing of virtual reality (VR) and augmented reality (AR) equipment, the research and development and manufacturing of key components for 3D printing equipment, and the construction of urban parking facilities. The newly added and modified items under the encouraging category will better promote the combination of attracting investment, technology, and talent, continuing to encourage foreign investment in areas that align with China's industrial transformation and upgrading direction, and supporting foreign investment in widely participating in the "Made in China 2025" strategy and the innovation-driven development strategy. (Reporter Feng Qiyu)
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