Shanghai's Regulations to Lure Foreign Investment
In hopes of advancing industry reform, Shanghai is redoubling its efforts to improve the investment environment through five new measures that promote international practices in economic operations.
According to the Shanghai Municipal Economic and Trade Commission, the measures will promote assets reorganization, open the market and treat foreign enterprises the same as domestic ones, reported the Oct. 12 Wenhui Bao (Wenhui Daily).
Here are the five measures:
1. Strengthening assets reorganization: Instead of introducing technologies, multinationals will be invited to help construct the Shanghai Chemical Industry Zone. To develop the zone, enterprises from different markets will form alliances to channel investment into certain areas.
2. Encouraging foreign investors to acquire state-owned enterprises: Shanghai will allow foreign investors to acquire part of the assets of state-owned enterprises and use them to form joint ventures or wholly foreign-owned enterprises.
3. Promoting use of capital markets in setting up joint ventures: While encouraging domestic enterprises to list overseas, Shanghai will allow foreign investors to buy the state-held shares and corporate shares of listed Chinese companies and will permit joint ventures to be listed domestically.
4. Increasing reliance on financial and other intermediary institutions to lure foreign businesses: Shanghai will invite foreign businesses and absorb foreign investment by increasing reliance on the services of domestic and overseas financial institutions and other intermediary institutions.
5. Absorbing foreign investment: Shanghai will simplify approval procedures and enhance the efficiency of the approval process. Foreign investors will be encouraged to invest in the Shanghai Industrial Development Zone, especially in the information industry and other high-tech sectors.
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