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Support foreign investment to participate extensively in “Made in China 2025.”
Release time:
2022-11-05 16:25
Source:
The “Guidance Catalog of Industries for Foreign Investment (Revised 2017)” expands the scope of policies encouraging investment—
Support foreign investment to participate extensively in “Made in China 2025.”
On the 29th, Sun Jiwen, spokesperson for the Ministry of Commerce, stated that the recently released “Guidance Catalog for Foreign Investment Industries (Revised 2017)” represents another important reform through which China is proactively opening its doors to the world and improving its investment environment. The new Catalog will better support foreign-invested enterprises in playing a significant role in the development of the real economy.
According to the introduction, the 2017 edition of the “Catalogue” exhibits three key features: First, the scope of approval for the establishment and amendment of foreign-invested enterprises has been further narrowed. With the exception of “domestic companies, enterprises, or natural persons acquiring domestic companies with which they have affiliated relationships through mergers and acquisitions involving companies legally established or controlled overseas,” all foreign-invested mergers and acquisitions that do not involve special administrative measures for market access—including the strategic investment by foreign investors in listed companies—will now be subject to filing-based management. The Ministry of Commerce will also simultaneously establish supporting measures and, at an appropriate time, revise and issue the “Administrative Measures for the Filing of Establishment and Amendment of Foreign-Invested Enterprises,” clearly defining the filing procedures for mergers and acquisitions leading to the establishment of new enterprises and for amendments to existing ones. This will significantly simplify the procedures for foreign-invested mergers and acquisitions and effectively reduce institutional transaction costs.
Second, restrictions on foreign investment access in the service sector, manufacturing, and mining industries have been further relaxed. The number of restrictive measures has been reduced to just 63, a decrease of 30 from the 93 restrictive measures included in the 2015 edition of the Catalog.
Third, the scope of policies encouraging foreign investment has been further expanded. The “Catalogue” now includes a total of 348 items classified as encouraged, an increase of 6 compared to the 2015 edition. Additionally, 35 items have been revised. Newly added items include the research and development and manufacturing of virtual reality (VR) and augmented reality (AR) devices, the R&D and manufacturing of key components for 3D printing equipment, and the construction of urban parking facilities. These newly added and revised encouraged items will better facilitate the integration of attracting investment, technology, and talent, continue to encourage foreign investment in sectors aligned with China’s industrial transformation and upgrading, and support broad participation by foreign investors in the “Made in China 2025” strategy and the innovation-driven development strategy. (Reporter: Feng Qiyu)
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