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The Policies and Measures for Attracting Business and Investment in China

With China’s accesstion to the WTO, the Chinese government will adopt positive measures in the following nine aspects to attract more foreign investment to its Central and Western Regions.
 
1.To amend the Industrial Guidelines for Foreign Invsetment in Central and Western Regions by giving full play to the resource and economic advantages there, so as to promote economic development with local characterisitics.
 
2.To improve the Provisonal Regulations on Investment by Foreign-funded Enterprises in China so as to create conditions for the reinvestment in the Central and Western Regions by foreign-invested enterprises along the coastal areas, with a view to forming echelon distribution of industries.
 
3.To further expand areas for foreign investment in the Central and Western Regions so as to encourage foreign investment in agriculture, forestry, water conservancy, communications, energy, municipal utility, environmental protection and other basic fields as well as the development of infrastructure and the development of resources such as minerals and torism.
 
4.To research and work out incentives for attracting foreign investment in the country’s key projects such as electricity and gas transmission from the west to the east, water diversion from the south to the north and Qinghai-Tibet Railway in order to speed up the development of infrastructure of the Central and Western Regions.
 
5.To research and formulate various policy measures governing merger and acquisition of state-owned enterprises by foreign investors, investment in the form of BOT and TOT and overseas public offering of foreign-funded enterprises in China.
 
6.To encourage foreign-invested enterprises to introduce and develop advanced technology and conduct technological innovation. Positive guidance will be offered to foreign business especially transnational corporations to invest in high and new tech industries, capital-and technology-intensive industries, set up R&D institutions and propose more projects with state-of-the-art technology.
 
7.To expand the trial opening up of banking, insurance, retailing, foreign trade, telecommunication, tourism, building industry and its related services, Sino-foreign joint venture accounting firms and law firms in qualified central cities in the Central and Western Regions with conditions somewhat relaxed for the establishment of foreign –invested enterprises in those field.
 
8.To encourage small-and medium-sized enterprises to take an active part in the international cooperation and encourage foreign business to invest in the manufacturing of electromechanical products and spare parts, in projects involving raw materials and other supporting projects and export-oriented foreign exchange generating projects.
 
9.To stick to the development guidelines focusing on industrial projetcs, FDI absorption and export, with a special emphasis on high and new technology development. To continue to run economic and technological development zones at the national level sucessfully, giving full play to their role as demonstration projects and driving force, so as to bring along and promote the development of other areas.
 
The Chinese government will make elaborate efforts to improve the investment climate to make the environment more attractive to foreign investors. At present, the focus is on perfecting the soft environment for investment.
 
First, we’ll create a complete and well-established legal environment. According to its commitment to joining the WTO, China is quickening the amendments to and formulation of relevant laws and regulations to attract FDI and perfecting its foreign-related economic legal system. It is strengthening the protection of intellectual property rights and safeguarding the legitimate rights and interests of foreign-invested enterprises. It is setting up a uniform, standard and open foreign investment access system and reducing items subject to examination and approval.
 
Second, we’ll cultivate a uniform, transparent and predictable policy environment. China is improving and strengthening management and service to foreign-funded enterprises, pacing up the establishment and perfection of social credit system and improving the financing environment for foreign-invested enterprises. China is making use of the complaint centers of foreign-invested enterprises to accept and hear cases and to protect the legitimate rights and interests of foreign-funded enterprises according to law.
 
Third, we’ll establish a highly effective, fair and standard administrative environment. Government functions are being transformed at a higher speed with the sense of administration to law built up and administrative efficiency raised. Conducts of intermediary institutions are being standardized to better serve foreign-invested enterprises.
 
Fourth, we’ll maintain and improve a fair and open market environment.In pace with the on-going rectification and standardization of market economic order conducted by the Chinese fovernment, a uniform and open market environment is created for fair competition of foreign-funded enterprises.
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